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InfoSend Inc., a Fullerton company that makes and processes paper and electronic bills for cities, water districts, hospitals, companies and public and private utilities, is moving its headquarters to an industrial building in Anaheim.
The company bought a 52,000-square-foot manufacturing and distribution building at 4240 E. La Palma Ave. in Anaheim.
InfoSend paid about $5.1 million, or $98 per square foot, for the property.
It plans to do extensive renovations to the building and expects to be open for business in the first quarter.
The deal also included about 1.5 acres of vacant land.
InfoSend plans to eventually develop the excess land, according to Ben Seybold and Sean Ward, brokers with the Anaheim office of CB Richard Ellis Group Inc. who sold the building for locally based Anaheim Manufacturing Co.
InfoSend was represented by Scott Seal, from the Anaheim office of Lee & Associates.
The seller—which bills itself as one of the two largest food waste disposer manufacturers in the world—will relocate its operations to a smaller building in Brea that it will be leasing.
CB Richard Ellis also represented Anaheim Manufacturing in that lease, a three-year deal for a 40,000-square-foot industrial building at 2700 Orbiter Street.
The seller entertained several offers before accepting InfoSend’s deal, which was financed with a Small Business Administration loan.
The La Palma property’s a big expansion in size for InfoSend, which had been operating out of a 30,000-square-foot building, according to a previous Business Journal article.
InfoSend processes about 36 million documents per year.
Customers have included the cities of Anaheim, Huntington Beach and San Clemente, the University of Southern California’s School of Medicine, Huntington Beach Memorial Hospital, the El Toro Water District and Culligan Water Co.
Mahmood Rezai, who is of Iranian heritage and a Chapman University graduate, started the company in 1996 out of a 1,600-square-foot office in east Anaheim. The company counted yearly sales of about $12 million as of 2007.
The company also has a production facility in Illinois, and has kept backup printing and processing equipment and electronic data at a 6,000-square-foot building in Redlands.
Medical Trade
Two local real estate investors were behind the sale of a $7 million medical office building in Aliso Viejo.
Accretive Realty Advisors Inc., an Irvine-based real estate investment and advisory firm that specializes in medical office space, recently snapped up a 27,000-square-foot building at 24502 Pacific Park Drive, next to the San Joaquin Hills Corridor (73) Toll Road.
The three-story medical office building is about 93% full, according to brokerage data. It’s leased primarily to Kaiser Permanente, which occupies two of the building’s three floors. The other floor is occupied by several local doctor groups.
The building had been listed for sale at $8 million, but sold for $1 million below that price, trading hands at about $257 per square foot. Newport Beach-based real estate investor Saunders Property Co. sold the building.
John Wadsworth and Bob Hoyt, brokers with the Irvine office of Colliers International, represented both the buyer and the seller.
“We have found that investment groups with an extensive medical background have been successful in identifying and structuring value-added medical plays, despite the difficult economy,” said Wadsworth, director for Colliers’ healthcare properties division.
Accretive Realty’s largest local development is Fullerton’s Providence Center, a combination of medical space and shops built next to St. Jude Medical Center.
Foothill Adds Grubb
Newport Beach’s Pacific Development Group has selected a new leasing team for one of its largest projects, the 1 million-square-foot Foothill Ranch Towne Centre.
Grubb & Ellis Co. was selected to handle leasing at the four-property retail center, which is at the southwest intersection of Bake and Portola parkways.
Grubb’s Eric Lambiase, Walter Pagel, and Tom Carpenter, from the brokerage’s Newport Beach office, are marketing the property. Currently, available space ranges in size from 900 to 3,600 square feet.
Denver Buys
Newport Beach real estate investor Stoneridge Capital Partners has acquired two Holiday Inn hotels near Denver.
The company bought the 161-room Holiday Inn & Suites and 139-room Holiday Inn Express, a pair of hotels built last year that are near the Denver International Airport, for undisclosed terms.
The properties are Stoneridge’s first hotels in the Denver area, and the company’s second hotel acquisition so far this year. It bought the 119-room Hotel Highland in Phoenix in March. The company’s eyeing other hotels, offices and shops in the Denver area, according to Chief Executive Greg Merage.
Denver-based Stonebridge Realty Advisors Inc., an unrelated company that operates a portfolio of about 50 hotels in the Western U.S., will manage the assets.
Stoneridge has completed more than $185 million in acquisitions since 2009.
