Press Release
Industrial Property in Orange County Sold to Local Private Investor for $6.5 Million – CBRE
November 30, 2021
Transaction received several offers; deal agreement reached within first week
CBRE announced the sale of an industrial property in Anaheim, Calif. to Alemi Properties, LLC, a local private investor, for $6.5 million.
CBRE’s Keith Greer, Ben Seybold and Sean Ward represented the seller, a private investor, in the transaction.
Located at 1030-1040 N. Armando Street, the 22,425 square-foot, freestanding industrial building was originally constructed in 1978. The property features multiple fenced and secured yards, as well as loading on both sides of the building. The site is adjacent to SR 91, connecting the area to the rest of Southern California.
“The Orange County industrial market is extremely desirable to investors, and we received over 60 inquiries within the first day of being on the market,” said Greer. “Our team fielded a handful of offers and agreed to a deal within the first week.”
The team also facilitated the sale of a 16,658 square-foot industrial property at 22725 Old Canal Road in Yorba Linda to Geminis Property Development, LLC for $4.98 million.
The limited supply of available industrial space in Orange County caused vacancy to decline 60 basis points year-over-year, according to the Q3 CBRE research report. The overall asking lease rates shot up to $1.30 per square-foot, an increase of 26.2 percent year-over-year.
The CBRE team also represented the buyer in the transaction.
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 2023 revenue). The company has more than 130,000 employees (including 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.