51.5 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

Fullerton Buys Add to Duke Realty’s OC Holdings

Indianapolis-based Duke Realty Corp., one of the country’s top owners of large industrial properties, is beefing up its local portfolio.

The real estate investment trust, whose California operations are in Irvine, completed the purchase of the two-building Northpoint Commerce Industrial Park in Fullerton this month.

The buildings, which total 120,000 square feet are at 500 and 700 Burning Tree Road a few blocks from Amerige Heights Town Center.

They’re leased under long-term deals to separate tenants; 500 Burning Tree is occupied by Sunrise Produce and 700 Burning Tree is used by Iron Mountain Record Management.

The buildings sold for a combined $22.8 million, or $190 per square foot, according to the local office of Cushman & Wakefield Inc., whose Jeff Chiate, Jeff Cole, Rick Ellison, Randy Ellison and Mike Adey worked on the deal.

The property was sold by Hawaii-based Haleakala Ranch Co., which paid a reported $15.1 million for it in 2013, picking up a building in Nashville, Tenn., from Duke as part of the transaction, according to Cushman & Wakefield executives.

The buildings are small by Duke’s standards. Its buildings average 288,000 square feet, according to a recent investor presentation. E-commerce firms, a growing part of its tenant base, tend to take even larger spaces, with deals involving firms like Amazon about 469,000 square feet on average in the past five years.

Duke’s market value is about $9.4 billion (NYSE: DRE). It owns some 146 million square feet in the U.S.

Orange County’s recently been a small part of Duke’s investment strategy. It’s California portfolio now totals 25 properties encompassing about 9.2 million square feet, but it reports owning only one other building here, a 218,000-square-foot industrial property at 6280 Artesia Boulevard in Buena Park that it bought last summer for a reported $35.8 million.

The company also owns multiple properties along the OC-Los Angeles county line in La Mirada. It’s building a 477,000-square-foot distribution center there on land it bought in 2016, in a deal brokered by the Irvine office of Colliers International and soon to be occupied by UPS Logistics.

Furniture Movers

Interior design and home furnishing firm Bassman-Blaine Holdings LLC is moving its headquarters from Costa Mesa to Irvine.

The company recently bought a 20,772-square-foot, two-story building at 2485 McCabe Way near John Wayne Airport and a few miles from its prior home near the intersection of the Costa Mesa (55) Freeway and California State Route 73.

The Irvine building, which fronts the San Diego (405) Freeway, sold for a little more than $7 million, or $340 per square foot, according to CoStar Group Inc. records.

Bassman-Blaine will use the property as a new showroom and design studio, and for corporate functions. It currently has showrooms in the Laguna Design Center in Laguna Niguel and at LA Mart in L.A.

The Irvine building was sold by San Francisco-based Swift Real Estate Partners, which bought it and two adjoining offices in 2015 for a reported $25.9 million.

The three-building complex, which is nearly 110,000 square feet, served as the headquarters of Entrepreneur Magazine under prior ownership but has been renovated and rebranded by Swift Real Estate as Forefront 405. Swift still owns the other two buildings.

It was represented in the transaction by John Griffin, Bob Thagard, Max Wang and Ali Hawthorne with Cushman & Wakefield’s Irvine office. The team also serves as leasing/sales advisers for the full Forefront 405 office project.

Bassman-Blaine was represented by Allen Basso of Lee & Associates Commercial Real Estate Services.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Previous article
Next article
Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-