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1/05/24
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HK Ventures Inc paid $19.45 mil for Cedarwoods Business Park, an 85.7k sf ($227/sf), multi-tenant business park in Fullerton. The five-building property sits on almost five acres at 2461-2495 E. Orangethorpe Ave.
Cedarwoods Business Park is considered an ideal candidate for redevelopment into a state-of-the-art distribution facility. The Chino Hills-based buyer has indicated that they intend to hold the property for investment and may redevelop it in the future.
Michael Hefner with Voit Real Estate Services represented the buyer and the seller, a private investor in Fullerton. The purchase price equated to $93.21 per square foot on the land area, a 25-30% per square foot discount from the peak North Orange County Industrial land values seen in 2022. We’re told that the listing generated 12 offers to purchase from developers in spite of the shortage of capital available for new development.
Barry Walshe of Voit Real Estate Services’ Anaheim office is the leasing agent for Cedarwoods Business Park and acted as the local market advisor in the transaction.
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