One of the largest business parks in Yorba Linda has been bought by an investor in San Francisco.
Berkeley Partners, which owns about 4.3 million square feet of light industrial space across the U.S., recently closed on the buy of Yorba Linda Business Park, a four-building property on La Palma Avenue near the intersection of the Riverside (91) Freeway and 241 Toll Road.
The 117,760-square-foot park sold for $17 million, or a little under $145 per square foot.
It was sold by Los Angeles-based Rexford Industrial in a deal brokered by the National Industrial Advisory Group of Cushman & Wakefield Inc.
Rexford paid a reported $12.7 million for it about three years ago, according to CoStar Group Inc. records.
The 68-unit park was 91% leased as of a few months ago, according to marketing materials for the property, which was built in 1988.
Tenants at the 9-acre campus include The Well, Canyon Crossfit, Global Powersport Resource, CaliRovers LLC and Central Enterprises.
The industrial vacancy rate in Yorba Linda is just 1.4%, according to data from the Irvine office of Cushman & Wakefield, whose Jeff Chiate, Jeff Cole, Ed Hernandez, Mike Adey, Nico Napolitano and Rick Ellison worked on the deal.
Yorba Linda Business Park is the only Orange County property owned by Berkeley Partners, according to the company’s website. A majority of the firm’s investments are in Texas, Florida and the Atlanta area.
It’s the second big business park sale in Yorba Linda this year after the $95 million deal for the Savi Tech Center in July. That 377,000-square-foot property, a mix of office and light industrial space, was bought by the co-founders of Corona-based Monster Beverage Corp. as a personal investment in a deal Cushman & Wakefield also brokered.
Tri-Freeway Sale
Another Northern California investor has snapped up a good-sized industrial park in Anaheim, about 15 miles east of the just-traded Yorba Linda property.
A Mountain View-based buyer listed in property records as Tri Freeway Business Partner LP recently closed on the buy of nearly 210,000-square-foot Tri-Freeway Business Park near the intersection of the Santa Ana (I-5) Freeway and Brookhurst Street.
The 10-building property sold for just under $29.5 million, or $141 per square foot, and traded at a 5.5% cap rate, according to CBRE Group Inc., whose brokers worked on the deal and arranged a loan for the new owners.
It was sold by Irvine-based Greenlaw Partners, which acquired the property in 2014 for $21.4 million when it was about 90% leased. It’s now about 97% occupied.
CBRE’s Gary Stache, Anthony DeLorenzo, and Doug Mack represented Greenlaw in the deal, and the brokerage’s Debt & Structured Finance team arranged a $19.1 million loan for the buyer that carries a 30-year term and 3.39% interest rate.
The new Bay Area owner was described by the brokers as being a “private high-net-worth individual.”
“The majority of our recent transactions have sold to private capital or high net worth individuals in 1031-exchanges that are paying premium prices for the benefit of having a stable, income-producing property in a thriving neighborhood,” CBRE’s Stache said in a statement.
“Orange County is a prime target for these types of deals as the area has been thriving and particularly the office and industrial market has been doing extremely well,” he said.
Chicago Rentals
A venture backed by Irvine-based apartment investor Bascom Group has bought a nine-story, 160-unit rental property in Chicago.
Spirit Bascom Ventures LLC, a partnership between Bascom and Stamford, Conn.-based Spirit Investment Partners, paid about $18.9 million, or $118,000 per unit, for a 9-story, 1920s-era building near Lake Michigan and Loyola University’s Lake Shore Campus.
It’s the partnership’s second Chicago buy in a year. Late last year it paid $21.6 million for a 223-unit building in Chicago’s Edgewater neighborhood.
Both properties are in line for upgrades so that they can be marketed as high-end rentals, according to the buyers.
Spirit Bascom Ventures said it’s spent over $300 million in assets over the past three years with a focus on value-add rental properties along the eastern seaboard and in the Midwest. The investors said they want to do more deals in the Windy City.
