|
|
6/14/17
|
An 84.9k sf industrial property in Anaheim was acquired by Doyle Properties LLC for $19.81 mil ($233/sf) as part of a 1031exchange transaction. The asset was sold by Blackstone Group.
The property will be occupied by the Econolite Group Inc, a pioneer in dynamic intelligent transportation systems and transportation management. The building, located at 1250 N. Tustin Ave, is a free-standing corporate HQ office/flex property with major street frontage, which will serve as Econolite’s new high-image facility.
CBRE’s Carol Trapani, Ben Seybold and Sean Ward represented the buyer in the deal. Colliers’ Clyde Stauff repped the seller.
“The timing of the transaction put a great deal of pressure on all parties to perform, as the buyer’s extensive improvements to the interior of their new facility and the completion of the 1031-exchange were linked,” said Trapani.
As part of the transaction, CBRE facilitated Doyle Properties’ sale of Econolite’s former 144k sf property on La Palma Ave in Anaheim earlier this year. Econolite was looking for a new facility in which it could modernize the layout and design to help attract and retain talented employees. The company has wanted to transition from a heavy manufacturing and sheet metal fabrication type site to an engineering/high-tech one.
Orange County is one of the most-desired infill industrial markets in the Greater Los Angles and Southern California region with record-low vacancies, according to CBRE research. The economic makeup in the area is diverse and includes demand from the aerospace, electronics, food and apparel industries.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
