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3/02/22
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Boston-based Longpoint Realty Partners LP paid $11.6 mil for a 37.2k sf ($312/sf) industrial building in Anaheim. The property, located at 2929-2931 E. White Star Ave, was sold by Pharmachem Laboratories.
The R&D/flex building features 22’ minimum height, extensive glass façade and a large yard area. It was purchased vacant and the buyer intents to fully renovate and market it for lease.
CBRE’s Keith Greer, Sean Ward and Ben Seybold represented the seller in the deal. According to Greer, they received 91 inquiries, conducted more than 30 site tours and received 11 offers.
Due to the region’s proximity to the ports and limited available space, the industrial vacancy rate in Orange County decreased 40 basis points year over year to 1.1% in Q4 2021, according to CBRE research. The region’s availability rate dropped 210 basis points year over year to 2.3% in the last
three months of the year due to strong demand from investors, 3PL’s and e-commerce tenants. The average asking rate in the OC increased 28% year over year to $1.37 per sq. ft. per month, the highest year-over-year increase since 2016.
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