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8/02/16
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Two Orange County industrial properties traded hands in separate deals that made up a 1031 exchange by a private investor, Krickl Family Trust. The transactions had a combined value of $7.3 mil.
In the first transaction, Krickl Family Trust sold a 20k sf site at 325 Muller St, east of Brookhurst St and north of Lincoln Ave, on the west side of I-5 in Anaheim. It was acquired by Alpha Aluminum Products for $3.2 mil.
In the other transaction, Krickl Family Trust bought a 26.3k sf, high-end industrial project for $4.1 mil from a private family investor. That property, located at 515 South Melrose St in nearby Placentia, is 100 percent leased to Vanderveer Industrial Plastics, a distributor and fabricator of high-performance thermoplastics and thermoset composites and laminates. Vanderveers’s current lease runs through 2022.
Placentia and the North Orange County region are among the strongest industrial markets in the region and nationwide due to their proximity to the ports of Long Beach and Los Angeles. North Orange County is a mature and fully developed market which has led to tight inventories and one of the lowest vacancy rates in the U.S. at 2.2 percent with the Placentia submarket showing an even lower vacancy rate of 1.5 percent.
“This property is well-positioned for future rent growth given that the Placentia market has one of the lowest overall vacancy rates in Southern California,” said CBRE’s Vice President Shin Kim, who represented Krickl family trust in both transactions. “This is a safe, income-producing investment in a highly desirable industrial market.”
Daum Commercial represented Alpha Aluminum. The seller of the Placentia property, a private family investor, was represented by CBRE’s Ben Seybold, Gary Stache and Doug Mack.
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