Panasonic Corp. of North America has sold its 540,000-square-foot office and distribution campus in Cypress in one of the biggest industrial deals of the past few years.
The company, a unit of Japan’s Matsushita Electric Indus-trial Co., still has some operations at the facility and is considering whether to keep them there, ac-cording to Pan-asonic and Costa Mesa-based BKM Development Co., which bought the buildings.
BKM paid about $40 million for Panasonic’s two-building campus, which mostly is industrial space, sources said. The buildings include about 100,000 square feet of offices.
The electronics maker already has moved out of its former 204,000-square-foot building at 11130 Holder St. Some operations were consolidated into the 339,000-square-foot building at 6550 Katella Ave., sources said.
Panasonic leased back the Katella building, said Brian Malliet, who owns BKM. He declined to detail terms of the lease, citing a confidentiality agreement with Panasonic.
For more on this story, see the May 30 edition of the Business Journal.
