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9/11/20
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Here are a couple of brief SoCal industrial property sales comps, from Fullerton and Murrieta. The deals total roughly $15 mil.
In Fullerton, a freestanding, 48.2k sf building traded for $10.01 mil, or $208/sf. The property is located at 1456 Manhattan Ave, east of Raymond Ave and just north of the 91 Fwy.
Jim deRegt of Lee & Associates Newport Beach represented the seller, Kanaasardas LLC. Byron Foss of JLL repped the buyer, Salher LLC, who acquired the property to complete a 1031 tax-deferred exchange and expand its business’s manufacturing capacity.
In Murrieta, Dunbar Investments LLC paid $4.9 mil for two multi-tenant industrial buildings totaling 40k sf ($122/sf). The adjacent properties are located at 29980 Sky Canyon Dr and 29990 Technology Dr, north of Murrieta Hot Springs Rd and just east of Winchester Rd.
Matt Shaw and Blake Valdez of the Lee & Associates Temecula Valley office represented the seller, Magnolia Industrial Park LLC. The buyer was repped by Charley Black and Gordon Mize, of the same Lee office.
The Lee & Associates team of Matt Shaw, Blake Valdez, and Sam Robles were awarded the leasing assignment on this property in June 2020 when the property was at a 23% vacancy. The team was able to stabilize the asset and bring the vacancy rate down to almost 6% by the close of escrow.
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