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Tuesday, Sep 26, 2023

Prologis Adds to Portfolio With $18M Buena Park Buy

Denver-based industrial giant Prologis Inc. has picked up a large property near the Orange County-Los Angeles line.

The company paid about $18.4 million for 6545-6549 Caballero Blvd., a 167,217-square-foot property in Buena Park between the Santa Ana (I-5) and Artesia (91) freeways. It’s one of OC’s larger industrial sales of the past quarter.

The deal, which closed in November, works out to price of about $110 per square foot for the building, which CoStar Group Inc. records show as being about 50% leased.

The building was sold by Buena Park-based Fairmont Designs, which paid about $16.9 million for it in 2009.

A logistics company occupies about half the property, while the remainder is available for lease at monthly rents of about 62 cents per square foot, according to brokerage data.

Prologis, the country’s largest owner of industrial properties, owned 225 industrial buildings in Southern California as of earlier this year.

Its largest property in Orange County is believed to be the 12-building Anaheim Industrial Center in the northern part of the city.

Historic Sale

Los Angeles-based investor VNT Properties said it has purchased the Samuel Kraemer Building in Anaheim, a seven-story building near city hall that’s been described as the first high-rise in Orange County.

The investor paid a little less than $5.4 million for the 33,860-square-foot building, located at 201 E. Center St. Anaheim-based Uptown Anaheim LLC sold the building, according to CoStar records.

The building was constructed in 1924 by rancher and land baron Samuel Kraemer. It currently has a mix of offices and apartments and was renovated in 2002.

Pet Resort

A 25,000-square-foot industrial building in the Irvine Spectrum that’s next to the under-construction Los Olivos Marketplace shopping center has gone to the dogs.

Dr. Boyd’s Pet Resort, a 24-hour pet boarding and veterinary care center, recently opened a new location at 8645 Research Drive, an industrial building and one-time furniture showroom that fronts the San Diego (405) Freeway. It’s leasing the entire property.

The building was acquired about a year ago by Three Crowns Properties LLC, a Foothill Ranch-based real estate investment group, which paid $5.6 million for the property. Its former owner, Irvine-based BJ Global Direct, vacated the building following the sale.

Terms of the new lease were not disclosed.

“Although the property is a flex/R&D building, the fact that it has prominent freeway visibility and access generally commands a higher rent than a non-freeway-fronted property,” said Cushman & Wakefield’s Don Yahn, who represented the landlord in the lease, along with colleagues Brett Swartzbaugh and Brian Booth.

Dr. Boyd’s Pet Resort, which also has a location in San Diego, was represented by Eric Warfield of South Bay CRE.

Car Sale

Homebuilder D.R. Horton Inc. has bought another infill housing site in North Orange County.

The Fort Worth, Texas-based builder paid an undisclosed amount for a 32-home development site in Buena Park at the former site of a Don Steves Chevrolet dealership.

SummerHill Homes of Irvine sold the property, at 1001 E. Whittier Blvd.

The site, called Cervetto, was entitled for homes this summer by SummerHill.

The project will feature three- and four-bedroom homes that will run as large as 2,650 square feet. SummerHill previously expected to break ground on the site by next spring.

Terms of the sale for the 5.4-acre site were not disclosed. The deal was brokered by Mike Hunter and Allison Rawlins Tift with the Irvine office of Land Advisors Organization.

The deal follows D.R. Horton’s purchase of a 4-acre property in Yorba Linda about three months ago.

That site was previously used as a medical office campus and is across the street from an existing auto dealership. It is expected to eventually be the site of an 80-unit townhome development.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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