June 28, 2017 Comments Off on Colliers Negotiates $33.4M Sale of FedEx-Occupied Logistics Property Views: 825 California News, Orange County

Colliers Negotiates $33.4M Sale of FedEx-Occupied Logistics Property

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A FedEx-occupied, 112,000-square-foot logistics building in Costa Mesa, CA was acquired by Santa Monica-based BLT Enterprises Inc. for $33.4 million. The $298-per-square-foot price ranks among the top industrial sales ever recorded in Orange County. The seller was San Diego-based Sovereign Capital Management Group Inc.

Colliers’ Institutional Investment Services Group negotiated the sale of the 1650 Sunflower Building. As part of the sale, the brokerage firm also negotiated a “blend-and-extend” lease that will keep FedEx in the building until 2028. Its original lease was set to expire next year.

Colliers’ Rick Putnam and Eric Cohen handled the sale, while the firm’s Chuck Wilson and Brian Chastain negotiated the lease extension.

Putnam says, “This transaction underscores institutional investor demand for urban, in-fill logistics properties, which has grown in lock-step with online consumer buying.”

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