Los Angeles– June 17, 2016 – CBRE Group, Inc. announced the completion of the sale of an industrial building in Orange County to CTS Cement Manufacturing Corporation.
CBRE’s Brad Schneider and Bob Goodmanson represented the buyer, while LBA Realty, a full service real estate investment and management company, represented themselves in the transaction.
This 58,303 square foot industrial property, located at 12442 Knott Street in Garden Grove, California, was an off-market purchase for CTS Cement. This highly visible corner building has immediate access to the 22, 405 and 605 freeways and ample parking.
“Due to the record low vacancy in West Orange County, there are very few building sales in this size range,” said Schneider. “We are excited to secure this high image industrial building that will serve as a fantastic Corporate Headquarters for this growing company.”
West Orange County only accounted for 18.6% of the total gross activity in the Orange County market during the 1st Quarter. However, despite the Orange County industrial market’s historically low vacancy and declining available supply, strong tenant and buyer demand should prevail even with the 4 percent availability predicted by CBRE EA over the next 12 months.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
