S&A Management LLC, one of Orange County’s largest privately held property owners, has added another notable investment in Anaheim to its portfolio.
The Costa Mesa-based company this month completed the purchase of the
Anaheim headquarters of Taylor-Dunn
Manufacturing Co., a nearly 160,000-square-foot facility at 2114 Ball Road.
S&A is headed by Irv Chase, a longtime area real estate owner with holdings both in and out of Orange County.
The company owns several blocks of property in Santa Ana, making it one of the largest landlords in the city, along with Caribou Industries’ Mike Harrah.
Chase’s son, Ryan, has been behind much of the recent redevelopment of the city’s East End district, including the 4th Street Market.
CoStar Group Inc. records show S&A Management and its affiliates own close to 500,000 square feet of property in Orange County, with other holdings in Costa Mesa, Huntington Beach and Newport Beach.
The newly acquired Anaheim industrial property, near the intersection of Brookhurst Street and Ball Road, was built in 1970 on about 6.3 acres, according to CoStar records. It includes a small two-story office, along with about 156,054 square feet of manufacturing space.
The facility is used by Taylor-Dunn to make commercial and light industrial vehicles, including airport baggage tow tractors, personal carriers and electric bellman carts for the hospitality sector.
Terms of the sale were not disclosed. Similar industrial buildings in North Orange County recently have been trading hands for about $125 per square foot; a similar price would put the deal around $20 million.
The property sale marks another notable change for Taylor-Dunn, which was founded in 1949 and has about 200,000 of its vehicles in use.
Its products typically sell for between $5,500 and nearly $50,000, according to company marketing materials.
The company was acquired nearly a year ago by Minneapolis-based Polaris Industries Inc., a maker of off-road vehicles, snowmobiles and motorcycles that has a market value of about $5.6 billion.
Terms of the sale have not been finalized, according to Polaris’ regulatory filings. The company’s latest quarterly report disclosed that it has earmarked nearly $55 million for acquisitions through the first nine months of 2016, with the Taylor-Dunn purchase the largest deal it made during that period.
The Ball Road property was sold by Taylor-Dunn’s former owners, according to brokers with the Irvine office of Cushman & Wakefield Inc. who worked on the deal.
There’s no plan for a move by the occupants at the building following the sale. Taylor-Dunn leased the building from its former owners in a deal that runs about five more years, Cushman’s brokers said.
Taylor-Dunn employs about 150 in Anaheim and continues to operate under its own brand name following last year’s deal with Polaris.
The site is zoned for multifamily development, although there’s no near-term plan for redevelopment.
Jeff Chiate and Mike Adey with Cushman & Wakefield’s National Industrial Advisory Group represented buyer and seller in the transaction and were assisted by Rick Ellison and Randy Ellison, also with the firm’s Irvine office.
The deal represents “a highly attractive, rare industrial facility occupied by a leading local manufacturing company,” Chiate said. “The property provides an exceptional investment opportunity for S&A Management.”
Anaheim’s industrial vacancy rate ended the year at just 1.3%, outpacing North OC’s 1.8%, according to the brokerage’s data.
Anaheim recorded more than 700,000 square feet of net absorption last year, the highest level of growth of any industrial submarket in Orange County, according to Cushman & Wakefield data.
