Orange County, CA –– CBRE arranged the sale of Alcalde Business Center, a three-building, multi-tenant industrial business park in Laguna Hills, Calif. to a private investor for $13.95 million.
CBRE’s Mark Shaffer, Anthony DeLorenzo and Gerard Poutier represented the private 1031 exchange buyer in this transaction. Michael Longo of CBRE represented the seller, an Irvine, Calif.-based real estate investment firm.
Located at 23151 Alcalde Drive, the 37,318 square-foot property was originally constructed in 1978 on a 2.46-acre lot. The three buildings are 78% occupied by a total of 14 tenants. The asset is less than one mile from I-5, connecting Laguna Hills to the rest of Southern California.
“South Orange County industrial rents increased substantially in 2022 and are expected to continue to rise in 2023,” said Mr. Shaffer. “With short-term leases and in-place rents significantly below market, the asset offers significant near-term upside and long-term appreciation.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
