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August 12, 2020
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ORANGE COUNTY NEWS
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Exchange Investor Pays Over $16 Mil for Warehouse Asset in Brea

6/22/18

A 99.6k sf industrial building in Brea sold for $16.12 mil ($162/sf). The property was purchased by a private investor who was in a $28 mil 1031 exchange.

The warehouse property, constructed in 1974, is located at 331-333 Cliffwood Park St, It recently underwent renovations that included the installation of a new state-of-the-art ENERGY STAR-rated “Cool Roof.” The asset also features competitive amenities including 7.9k sf of executive office space, four dock-high loading doors, one ground-level loading door, 22’-24’ minimum warehouse clearance, and a fenced yard.

The building offers direct access to the 57 Fwy and close proximity to the 91, 55 and Interstate 5 Freeways. The property is also located near several retail destinations, including the Brea Mall and Brea downtown district.

The property was the only traditional industrial building of its size in North Orange County at the time it was placed on the market, according to Chris Migliori with DAUM Commercial Real Estate Services, who represented the seller, SAME Investments LLC.

“Due to pent-up demand in the submarket, we had strong interest and three solid offers from a diverse group of REITs, private investors, and owner-users within just 10 days of the property being placed on the market,” Migliori explains. “From start to finish, the sale cycle took approximately 120 days.”

Chuck Wilson and Brian Chastain at Colliers International represented LFT-Cliffwood LLC, the buyer, and will market the building for lease to a single strong manufacturing/distribution tenant. The buyer intends to implement light renovations to the interior and exterior of the building before leasing.






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