‘Off-Market’ sale transaction is one of the largest industrial sales for OC this year
COSTA MESA, Calif. – December 11, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has completed a $37 million sale of an industrial property in Costa Mesa, Calif., which is one of the largest industrial sales in Orange County so far this year. Ryan Swanson and Kurt Bruggeman, both senior vice presidents in Lee’s Irvine office, represented the buyer, a private investor. The seller, a partnership of Voit Development and Penwood Real Estate Investments, was represented by Mike Hartel, Mitch Zehner and Seth Davenport of Voit Real Estate Services.
“The buyer plans to occupy a portion of the vacant space, lease out approximately 75,000-square-feet and hold for the long term,” Swanson said. “Additionally, the buyer saw this as a unique opportunity to purchase a large freeway frontage site in an amazing location, next to South Coast Collection.”
Located at 1683 Sunflower Ave., the property is approximately 345,000-square-feet on 16 acres, with 1,340 feet of freeway frontage. The property was sold in an “off-market” transaction, which, according to Bruggeman, meant that Lee & Associates was able to track the property over time and position their client to get control of the deal.
Robinson Pharma, the major tenant at the property, occupies 232,000-square-feet of corporate office, warehouse and distribution space. The remainder of the building, approximately 112,000-square-feet of warehouse space, is currently vacant.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.