Greenlaw Partners Pays $58M for Orange County Industrial Portfolio

February 12, 2023

1701 S Lewis

1701 S. Lewis St. Image courtesy of JLL

Greenlaw Partners has purchased two distribution and warehouse facilities totaling 198,807 square feet in Anaheim, Calif., for $58 million. According to CommercialEdge data, the previous owner was Alden Global Capital. A JLL team negotiated on behalf of the seller.

Previously occupied by the Orange County Register, the neighboring assets at 1701 and 1771 S. Lewis St. were vacant at the time of sale.

READ ALSO: Industrial Sector to Maintain Winning Streak in 2023

Completed in 1977 and 1978, the buildings feature 30-foot clear heights and a two-level office build-out component, CommercialEdge shows. The 8.4-acre property also includes an 80- by 150-foot truck court and 230 car parking spaces.

The last-mile facilities are adjacent to Interstate 5, providing easy access to the larger Southern California freeway network as well as to Los Angeles International Airport, Port of Long Beach and Port of Los Angeles. The 8 Union Pacific and BNSF intermodal rail yards are some 20 miles away.

JLL Senior Managing Director Mark Detmer, Managing Director Ryan Sitov, Senior Director Ryan Spradling and Associate Makenna Peter represented the seller.

A solid Orange County industrial investment

CommercialEdge data shows the Anaheim portfolio was the largest industrial property to change hands in Orange County since the beginning of the year. In 2022, the market’s industrial transactions totaled only $1.15 billion, way behind the sales recorded in Los Angeles metro ($5.1 billion) and the Inland Empire ($5 billion), according to a recent report from the same data provider.

Last year, Commercial Property Executive highlighted Greenlaw Partners for an intriguing commercial real estate deal. The company, along with Gardner Batt, sold an Amazon-leased industrial portfolio for $520 million. The properties in Utah and California totaled nearly 1.2 million square feet.

Source link

Prudential Cal strives to provide the most detailed information about the real estate industry. We assist people in making the best decisions possible by offering unique insights into the global real estate market and advice for both homebuyers and sellers.
Additional Information
Copyright © 2023 Prudential Cal. All Rights Reserved. Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram