The Garden Grove headquarters of Money Mailer LLC has been sold and is being marketed for other potential tenants.
Aliso Viejo-based CT Realty Investors recently completed the purchase of 12131 Western Ave., a 210,000-square-foot industrial property that Money Mailer has used as its headquarters since 2007.
The property, which includes nearly 50,000 square feet of office space, sold for about $26 million, or about $124 per square foot.
The seller was an individual investor from Newport Beach, according to property records.
Money Mailer still occupies the office portion of the building, but the remainder of the property is currently unused.
Trend Offset Printing Services Inc. of Los Alamitos, Orange County’s largest commercial printer, earlier struck a deal to handle Money Mailer’s printing, inserting and mailing business for most of the Western U.S.
Money Mailer said it mailed close to 190 million envelopes to 21.5 million homes as of a few years ago.
Money Mailer announced this summer that it would be laying off about 110 production-related employees—roughly half its workforce.
The company’s sales, marketing, finance and administrative divisions remain at the Garden Grove facility. Money Mailer still has about three years left on its lease, but it is actively looking to sublease some or all of the property.
The building’s quality and upgrades make it likely to appeal to companies looking for a new corporate headquarters, rather than just a distribution or warehouse user, according to Clyde Stauff, executive vice president for the Irvine office of Colliers International.
Stauff worked with Michael Hartel and Mike Bouma, senior vice presidents for the Irvine office of Voit Real Estate Services, on the sale to CT Realty.
The three brokers are now working to market the property to other tenants.
Apparel, electronics and aerospace companies are all potential users of the facility, according to Stauff.
North of 22
The 9.6-acre property that holds the facility is a few blocks north of the Garden Grove (22) Freeway, near the intersection of Western and Chapman avenues.
The purchase adds to a string of recent notable industrial purchases in Orange County for privately held CT Realty.
In May, the investor paid a reported $17.3 million for 9 Holland, a 185,000-square-foot industrial building off Bake Parkway in the Irvine Spectrum.
The building, near the former El Toro Marine base, long held the local operations of auto parts maker Calsonic North America Inc., a unit of Japan-based Calsonic Kansei Corp.
The Irvine property is currently listed as being about 50% leased.
In August, CT Realty and its investment partners paid $10.6 million for a 102,700-square-foot industrial building at 17311 Nichols Lane in Huntington Beach.
That property was bought without a tenant, but at the time of the sale, CT Realty announced it had landed Driessen Aircraft Interior Systems Inc., a maker of galleys for commercial and private aircraft, to occupy the entire building in a 10-year, $9.1 million deal.
