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2/28/20
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A private investor out of Newport Beach paid $5 mil for a 26.9k sf ($186/sf), multi-tenant industrial property in Placentia. The property is located at 1019-1043 S. Melrose St, north of the 91 Fwy and adjacent to the east side of the 57 Fwy.
The seller, the Tom and Donna Wilson Trust, based out of Fullerton, had owned the property for decades but believed it was the right time to sell given the market conditions and having fully depreciated the asset. The new property owner will hold this property for long-term cash flow.
Jack Faris with Voit Real Estate Services represented both parties in the transaction.
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