Marble Express, a Van Nuys-based granite and marble company, plans to build a 50,000-square-foot warehouse and slab facility next to its 15,000-square-foot building in Anaheim.
The wholesaler of marble, tile and granite to builders and remodeling contractors is expanding its site in Anaheim’s so-called “Tile Mile”,a collection of tile, marble, carpet and flooring suppliers near State College and Ball Road.
Marble Express has been leasing industrial warehouse space and a storage yard and plans to begin the new building as soon as permitting is in place, according to local real estate sources. The company plans to use about half of the new building and lease out the other half until it’s needed.
“They sell a ton of granite,” said one broker familiar with the deal.
The company paid $1.4 million, or $585,000 per acre, for the 2.4 acres of land.
The seller was AG/Touchstone-HP Anaheim LLC. Touchstone Investments President Greg Erickson is managing partner with New York’s Angelo, Gordon & Co., supplying funding.
Area brokers said Marble Express wanted a building it could gradually expand into. The company, which declined to comment on the purchase, also is seeking a higher-profile facility in the Tile Mile, which spreads into a number of side streets off State College.
The new site is near the corner of Lewis Street and Ball Road. The old facility, at the smaller intersection of Cerritos Avenue and Lewis, is not as visible, brokers said.
Marble Express currently is figuring out the exact size of the new building and what design elements it should have. Depending on approvals, construction could begin early next year.
Brokers say lease rates on the new space,a standard industrial warehouse,could be between 55 cents and 60 cents per square foot.
Michael Finley and Troy Williams of Grubb & Ellis’ Orange office represented Marble Express on the land acquisition.
Touchstone’s Erickson said his partnership bought the two buildings on 15 acres, plus the lot, in April, from Principal Financial Group. The group sold only part of the parking lot, keeping the rest of the land and both of the buildings.
Erickson leases space in the area to the local operations of L3 Communications Holdings Inc., Walt Disney Co., Nordstrom Inc. as well as radio station operator Orange Broadcasting, and Mdoc Exhibits, a trade show supply company.
“When we bought it in April, L3 doubled its space,” Erickson said.
Nordstrom uses its space for a warehouse and for alterations, he said. Orange Broadcasting’s 94.3 FM is at the site.
Erickson said his company typically buys built-out properties in Orange and San Diego counties and holds them for one to five years.
“We were just selling some land that was underutilized,” said Erickson of the Marble Express deal. n