CBRE Group Inc. has been tapped to handle leasing for the largest available industrial property in Orange County as its owner, CenterPoint Properties, concludes upgrades to the Buena Park facility.
CenterPoint bought the 1.1 million-square-foot building on 44.5 acres, formerly home to a J.C. Penney Co. distribution center, in 2017 for $131.3 million. It paid the struggling Texas-based retailer nearly $119 per square foot for the building, in one of the largest single-building industrial sales in Orange County in years. J.C. Penney has since relocated its area distribution operations to the Inland Empire.
CBRE said the “massive industrial space is ideal for e-commerce companies with same-day delivery requirements, seeking a facility with close access to the ports as well as to Greater LA’s dense population base.”
The new owners have renamed the building CenterPoint SoCal Logistics Center.
Bret Quinlan, John Schumacher and Rick McGeagh of CBRE are leading leasing on behalf of the Oak Brook, Ill.-based industrial firm. An asking rent for the space hasn’t been disclosed.
The site at 6800 Valley View is a few blocks north of the Artesia (91) Freeway and three miles northwest of Knott’s Berry Farm.
According to the new owner’s website, the building includes about 104,000 square feet of office space and has 152 truck docks. It will be available for tenants in July.
It can be divided into four 250,000 square foot sections, according to CoStar Group Inc. records.
Upgrades currently underway include a new ESFR Sprinkler system, adding truck positions, improving the large truck courts and façade renovations.
“This property is located in a prime market with no competitive buildings in the area,” Quinlan said in a statement. “Tenants usually need to go to the Inland Empire for properties of this size. This is a very rare opportunity.”
CenterPoint has one additional OC property under its control, a 121,300-square-foot building in Huntington Beach that it bought in 2011.
Space Doubles Down in Costa Mesa
On the heels of last month’s $24 million buy of a shopping center in the Back Bay area of Costa Mesa, its first deal here since starting operations in 2018, Space Investment Partners of Irvine has made its second acquisition.
This time it’s the $9 million purchase of 265 Briggs Ave, an industrial building also in Costa Mesa.
It’s less than two miles from Back Bay Center, a $24.2 million sale covered April 1 in the Business Journal.
Space Investment paid about $148 per square foot for the 62,042-square-foot Briggs Ave. warehouse building.
The spot, just off Red Hill Avenue, previously served as the headquarters for Primary Color, a marketing company that bought the building in 2013 for $7.4 million, or about $120 per square foot.
The sale is part of Primary Color’s consolidation of its Costa Mesa, Irvine and El Segundo offices into a larger Cypress facility it leased in late 2017.
That roughly 187,000 square foot spot in Cypress, at 11130 Holder Street, was previously used by Vans Inc. before its relocation to Costa Mesa last year.
Ryan Gallagher and Mark Moshayedi founded Space Investment, a commercial real estate operating company, in May 2018.
Space looks to “aggressively expand” its portfolio, targeting “well-located assets that have either a millennial or STEM appeal,” Gallagher told the Business Journal last month.
That means commercial and residential properties in Southern California, Seattle and Portland.
EoS Fitness Comes to Santa Ana
A new gym is coming to town, and taking the place of another in Santa Ana.
Fitness chain EoS Fitness, which has close to 40 locations in Arizona, Las Vegas and Southern California, is opening its first Orange County location at the spot of a former LA Fitness site near the Costa Mesa (55) freeway in Santa Ana.
The 35,000-square-foot facility is located at 1501 N. Tustin Ave. in the Tustin Centre office complex, whose main building is a ten-story building that runs nearly 200,000 square feet; it previously served as the headquarters for Grubb & Ellis Co.
LA Fitness had occupied the building since 2003; its lease expired at the beginning of the month. The larger fitness chain, based in Irvine, moved a half-mile away to 1945 17th Street, in a shopping center that once held an Orchard Supply Hardware, now a Hobby Lobby.
EoS Fitness amenities include a green turf functional area, lap pool and a theater room with cardio equipment where movies are played during workouts.
