December 8, 2016
Irvine, CA-based Greenlaw Partners sold Tri-Freeway Business Park, a multi-tenant industrial compound in Anaheim CA, to an undisclosed Northern California private, high-net-worth individual for $29.45 million. The 10-building property includes 208,824 square feet and features 114 units. The property traded for $141 per square foot, or a 5.5% cap rate.
The 97% leased asset drew high investor interest, including exchange buyers, institutions, high-net-worth individuals and family offices.
CBRE’s Gary Stache, Anthony DeLorenzo, and Doug Mack represented both parties. CBRE’s Shaun Moothart, Bruce Francis, Bob Ybarra, Dana Summers and Katie Diaz arranged $19.1 million in acquisition financing.
Stache says, “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.”
For comments, questions or concerns, please contact Dennis Kaiser