Orange County – CBRE announced the sale of an industrial building in Irvine, Calif. for $7 million to a privately owned real estate investor.
Keith Greer and Ross Fippinger of CBRE represented the seller, Valencia Energy Storage. The buyer, Hugo Holdings, a privately owned, Costa Mesa-based real investment group was represented by an outside broker.
The industrial building is located at 1672 Reynolds Avenue and totals 34,869 square feet with an additional 5,600 square feet of office space. The building features six dock-high doors, a fenced yard area and 21’ ceiling clearance. The property is in proximity to the 405, 55 & 73 freeways, the Los Angeles and Long Beach ports, three airports and the commuter rail.
The property is currently occupied by Wet Products and is being used as warehouse.
“CBRE successfully represented the owner of 1672 Reynolds in acquiring this facility five years ago,” said Greer. “After the purchase, we stabilized the building by bringing in a tenant that signed a lease for five years.”
Greer added,” With the lease nearing expiration, the owner wanted to take advantage of the hot industrial market and sell the building to an owner-occupier.”
In the third quarter of 2019, the average asking lease rate for industrial properties in Orange County climbed 3.3 percent year over year to $0.95 per square foot, according to a recent CBRE research report. Vacancy in Orange County decreased by 164,000 square-feet, remaining at 2.3 percent.
Keith Greer and Ross Fippinger of CBRE represented the seller, Valencia Energy Storage. The buyer, Hugo Holdings, a privately owned, Costa Mesa-based real investment group was represented by an outside broker.
The industrial building is located at 1672 Reynolds Avenue and totals 34,869 square feet with an additional 5,600 square feet of office space. The building features six dock-high doors, a fenced yard area and 21’ ceiling clearance. The property is in proximity to the 405, 55 & 73 freeways, the Los Angeles and Long Beach ports, three airports and the commuter rail.
The property is currently occupied by Wet Products and is being used as warehouse.
“CBRE successfully represented the owner of 1672 Reynolds in acquiring this facility five years ago,” said Greer. “After the purchase, we stabilized the building by bringing in a tenant that signed a lease for five years.”
Greer added,” With the lease nearing expiration, the owner wanted to take advantage of the hot industrial market and sell the building to an owner-occupier.”
In the third quarter of 2019, the average asking lease rate for industrial properties in Orange County climbed 3.3 percent year over year to $0.95 per square foot, according to a recent CBRE research report. Vacancy in Orange County decreased by 164,000 square-feet, remaining at 2.3 percent.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
