CBRE ANNOUNCES THE SALE OF NEW INDUSTRIAL BUILDING IN FULLERTON, CA FOR $32.5 MILLION
08 Jan 2018
Los Angeles – Jan. 8, 2018 – CBRE announced the sale of a new, industrial building in Fullerton, CA for $32.5 million.
CBRE’s Sean Ward, Ben Seybold, and Keith Greer represented the seller, Western Realco, in the transaction. The buyer, Brad Rambo and Associates, was represented by Casey Mungo of Daum Commercial.
Built in 2017, this Class A, 181,069-square foot building is located at 4150 West Palm Street in Fullerton, North Orange County. The free-standing warehouse features a two-story office, 32’ minimum clearance, ESFR sprinkler system and a large, fenced truck court.
“Western Realco developed this state-of-the-art property on a speculative basis after purchasing the site from LBA and razing a vacant 88,000 square-foot office building. They were confident in the high demand for industrial space in the region,” said Ward. “This userbuyer approached us with a strong offer to purchase at a record-high comp for this type of transaction.”
North Orange County is one of the strongest and tightest industrial markets in the country, in part due to its proximity to the ports of Long Beach and Los Angeles. The area is a mature, fully developed, land-scarce market with few large-scale development opportunities, all of which contribute to tight inventories and one of the lowest vacancy rates in the United States at 1.3%, according to CBRE research.
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.