Industrial properties in Orange County continue to trade at health prices, as evidenced by a pair of recently traded buildings that sold in separate deals for nearly $35 million combined.
Los Angeles-based Rexford Industrial (NYSE: REXR), a $6 billion-valued REIT which owns nearly 3.3 million square feet of space in OC, sold a Santa Ana building for $20.4 million; while Greif Inc. (NYSE: GEF) sold its long-time La Palma facility for an additional $14.5 million
MaxCare Expansion
The Santa Ana building is a two-tenant property spanning 116,575 square feet on a 6.5-acre lot at 2700-2722 S. Fairview Street. It was built in 1964 and renovated in 1984. It offers 16-to-18-foot ceilings and 127 car parking spaces, according to reports.
MaxCare Products, bought the property for about $175 per square foot; the buyer is a maker and distributor of medical supplies.
The company already was a new tenant at the building. This summer, it inked a lease for 58,800 square feet at the facility. The company’s seen a boost in business this year due to the pandemic; it to makes masks, personal protective equipment and other medical supplies.
The other main tenant at the building is electronics manufacturer ParPro.
Greif Sale
Industrial packaging producer Greif sold its La Palma facility at 5701 Freca Dr., for $14.5 million not long after listing it for sale.
Greif, a $1.7 billion-valued firm based in Delaware, Ohio, announced plans in May to shutter its only Orange County location and listed it for sale in June for an undisclosed price.
Boston, Mass.-based Longpoint Realty Partners bought the 72,900-square-foot warehouse for $199 per square foot. It marks the company’s first California acquisition, according to Dan Berkenfield of CBRE Group, which brokered both sides of the deal.
It is planning upgrades for the facility, which Greif occupied for 25 years, using it for its plastics and fiber drum operations. CBRE will handle leasing efforts for the property, situated north of the Artesia (91) Freeway, near Valley View Street and the former distribution hub of J.C. Penney.
