Orange County – CBRE announced the sale of an industrial building in Anaheim, Calif. to Gadget Properties, a general contractor, for $8.45 million.
Keith Greer of CBRE represented the private seller in the transaction. The buyer was represented by an outside broker.
Located at 1700 E. Winston Road, the 34,000 square-foot property sits on a 1.85-acre lot in Southeast Anaheim. The freestanding building includes a 3,000 square-foot office/showroom, 18’ clear height, one dock-high door and three grade-level doors. The property also features a paved yard and 75 parking spaces.
The building sits within two miles of both the I-5 and SR 57, two major Southern California freeways that connect Anaheim to Los Angeles and Riverside Counties. The majority of tenants in this neighborhood are tile and flooring distributors, such as the occupier of this building.
“North Orange County is a particularly tight submarket for industrial, and it is not often that properties become available for sale,“ said Greer. “Our client did not want this property widely marketed and was only interested in selling at a premium price. Through our network of building owners, we were able to field multiple offers, which allowed us to exceed the asking price. This resulted in a historically high sales price for a property of this type.”
In the third quarter of 2019, the average asking lease rate for industrial properties in Orange County was $0.95 per square foot, representing a 3.3 percent increase year-over-year, according to a recent CBRE research report. Vacancy in Orange County decreased by 164,000 square-feet and remained at 2.3 percent.
Keith Greer of CBRE represented the private seller in the transaction. The buyer was represented by an outside broker.
Located at 1700 E. Winston Road, the 34,000 square-foot property sits on a 1.85-acre lot in Southeast Anaheim. The freestanding building includes a 3,000 square-foot office/showroom, 18’ clear height, one dock-high door and three grade-level doors. The property also features a paved yard and 75 parking spaces.
The building sits within two miles of both the I-5 and SR 57, two major Southern California freeways that connect Anaheim to Los Angeles and Riverside Counties. The majority of tenants in this neighborhood are tile and flooring distributors, such as the occupier of this building.
“North Orange County is a particularly tight submarket for industrial, and it is not often that properties become available for sale,“ said Greer. “Our client did not want this property widely marketed and was only interested in selling at a premium price. Through our network of building owners, we were able to field multiple offers, which allowed us to exceed the asking price. This resulted in a historically high sales price for a property of this type.”
In the third quarter of 2019, the average asking lease rate for industrial properties in Orange County was $0.95 per square foot, representing a 3.3 percent increase year-over-year, according to a recent CBRE research report. Vacancy in Orange County decreased by 164,000 square-feet and remained 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.
