Los Angeles – March 1, 2022 – CBRE announced the sale of a 37,237 square-foot industrial building in Anaheim, Calif. to Boston-based Longpoint Realty Partners, LP for $11.6 million.
CBRE’s Keith Greer, Sean Ward and Ben Seybold represented the seller, Pharmachem Laboratories, LLC, in the transaction.
The property, 2929-2931 E. White Star Ave., is a research & development flex building with 22’ minimum height, extensive glass façade and a large yard area. The property was purchased vacant and the buyer intents to fully renovate and market it for lease.
“We received 91 inquiries, conducted more than 30 site tours and received 11 offers,” said Greer. “Demand for industrial properties in Orange County continues to be incredibly high.”
Due to the region’s proximity to the ports and limited available space, the industrial vacancy rate in Orange County decreased 40 basis points year over year to 1.1 percent in Q4 2021, according to CBRE research. The region’s availability rate dropped 210 basis points year over year to 2.3 percent in the last three months of the year due to strong demand from investors, 3PL’s and e-commerce tenants. The average asking rate in the OC increased 28 percent year over year to $1.37 per sq. ft. per month, the highest year-over-year increase since 2016.
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 2021 revenue). The company has more than 105,000 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. Please visit our website at www.cbre.com.
