NAI Capital Completes 1.1M Square Foot Industrial Building Sale - The Largest Single-Tenant Transaction in 25 Years For Orange County, CA
Los Angeles, CA, Thursday, June 01, 2017– Nicholas Chang, CCIM and Richard Lee of NAI Capital, along with Patrick J. Sullivan of NAI Hiffman and Brett Spitzer of NAI Global Corporate Solutions, were instrumental in completing the sale of a 1,084,963 square foot industrial cross-dock facility in Buena Park, Calif. The sale of this building is reported to be the largest contiguous single-tenant transaction in Orange County over the last 25 years. The transaction totaled $131,500,000 or, approximately, $123 per square foot. Chang, Lee, Sullivan and Spitzer represented both the seller, JC Penney and the buyer, CenterPoint Properties.
CenterPoint SoCal Logistics Center is located at 6800 Valley View. The free standing facility was constructed over two phases in 1967 and 1986 and currently serves as JC Penney's warehouse distribution center for the west coast. The facility is the sixth largest industrial building ever constructed in Orange County, featuring up to 30’ minimum warehouse ceiling heights, 154 dock-high loading doors, 263 trailer parking spaces, and loading on three (3) sides featuring 190’ deep truck courts. CenterPoint Properties plans to renovate the subject property and market it for lease as it becomes available.
In Los Angeles or Orange Counties, available single-tenant industrial distribution and logistics facilities over one million square feet are absolutely nonexistent for lease. CenterPoint SoCal Logistics Center will represent the only plus one million square foot warehouse/distribution contiguous infill space available for a single tenant to occupy under one roof. The property is in a great Mid-Cities distribution location, less than a quarter mile to the 91 FWY, two miles to the 5 FWY, 19-miles to the Port of Los Angeles/Long Beach and 26 miles from Los Angeles International Airport.
Senior Vice President, Ryan Dunlap, in charge of investments at CenterPoint Properties stated, “CenterPoint is pleased to acquire this facility to grow our footprint in the Los Angeles basin. We couldn’t be more excited to further our involvement in this area, one of the busiest and most dynamic industrial markets in the Unites States.”
Chang said, “Undoubtedly, rising online e-commerce sales has driven and will continue to drive the Industrial real estate boom. We see no slowdown of Corporate America’s appetite for well-positioned distribution, logistics, and e-commerce fulfillment centers in LA’s infill market anytime in the near future. As more and more American’s turn to the internet and away from brick and mortar for their shopping needs, this trend isn’t going to reverse. Investors continue to take notice of the strength of the industrial market in Southern California and CenterPoint Properties has clearly seized on a great opportunity.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate brokerage firm. NAI Global Offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 Offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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