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February 26, 2020
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Industrial Income Trust Pays $7.3 Mil for OC Manufacturing Facility


Industrial Income Trust closed on an OC industrial acquisition, paying $7.3 mil for a 45.5k sf ($160/sf) facility in Fullerton that is 100% occupied by Chefmaster, a division of Byrnes & Kiefer Company -- a leading manufacturer of food color and edible decorating products.

The property is located at 501 Airpark Dr, north of Artesia Ave and west of Gilbert St. Chefmaster spent more than $1.6 mil of its own capital to build out the USDA-approved manufacturing facility. The company offers customized color systems, baking supplies and decorating products.

CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack and Shin Kim represented both the buyer and the seller, Chefmaster, in the deal.

North Orange County is one of the strongest and tightest industrial markets in the country, in part due to its proximity to the ports of Long Beach and Los Angeles. The area is a mature, fully developed, land-scarce market with few large-scale development opportunities, all of which contribute to tight inventories and one of the lowest vacancy rates in the United States at 1.3%, according to CBRE research.

“This is a safe, triple-net property that is well-positioned for future rent growth,” said Stache. “It sits in a market with one of the lowest overall vacancy rates in all of Southern California. There are currently no buildings available between 40,000 and 60,000 square feet in the Fullerton submarket. This lack of available space will continue to drive rental rates higher and keep the market in landlord’s favor for the foreseeable future.”

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