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7/10/24
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A 20.2k sf, multi-tenant manufacturing building in Placentia traded for $5 mil, or about $248/sf. The property is located at 1049 S Melrose St, within a 4.13-acre master-planned industrial park comprising 11 buildings and totaling 158.6k sf in Orange County’s north industrial submarket.
The asset features a professionally managed HOA, separately metered utilities, potential upside on rents, a newer roof with a warranty, and was recently painted. At the time of sale, the property was leased with one month-to-month tenant occupying 4,.9k sf, two leases expiring on December 31, 2024, covering 11.3k sf, and one lease expiring on July 31, 2024, covering 4k sf.
Situated approximately 35 miles southeast of downtown Los Angeles, it is well-connected by major highways, including the Riverside (91) Freeway and the Orange (57) Freeway. Public transportation options include buses, and the city is near major airports.
Marie Taylor with NAI Capital Commercial represented the seller, a trust, in the transaction. According to Taylor, the seller was extremely motivated to sell and is pleased with the outcome, as it sold at asking with multiple offers.
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