Industrial packaging producer Greif Inc. (NYSE: GEF) listed its La Palma facility for sale, a month after announcing plans to shutter its only Orange County location.
CBRE Group Inc. has the listing for the 72,900-square-foot warehouse, just north of the Artesia (91) Freeway, near Valley View Street. Marketing documents for the property tout the site as an investment opportunity for buyers looking to refurbish the building and secure a new tenant.
“This property could also be attractive for an owner-user,” said Vice President Dan Berkenfield, noting the 4.5-acre property’s “strategic location with immediate access to the 91 and 5 freeways.”
“We anticipate strong demand from logistics and distribution companies attracted to this highly desired location.”
The site is about a block from one of OC’s largest industrial facilities, CenterPoint SoCal Logistics Center, a 1.1-million-square-foot industrial facility along Valley View Drive in Buena Park.
CenterPoint was vacated earlier last year by J.C. Penney Co., which long used the location as a distribution site.
It’s now used by Unis Co., a Walnut-based fulfillment and transportation provider.
Greif Departure
Berkenfield, who has the La Palma listing along with CBRE colleagues Laird Perkins and Chris Ehrlich, declined to specify a price target for the Greif site, which was built in 1971 and also includes some excess land that could be used for delivery trucks or storage.
Greif, a $1.7 billion-valued firm based in Delaware, Ohio, produces steel, plastic and fiber drums, as well as containers, paperboard and other packaging products. It’s occupied the site for 25 years, using it for its plastics and fiber drum operations.
It will vacate the site by next month, consolidating the facility’s operations to two of the firm’s existing plants in Morgan Hill and Merced.
“The widespread and diverse economy throughout California requires a more strategic and dedicated approach to the unique business dynamic,” the company said in a statement.
