Buyer Acquires 65,000-SF REO Property for HQ
ANAHEIM, CA-Pinnacle Precision Sheet Metal buys the bank-owned property for its new corporate headquarters in a move from elsewhere in Anaheim.
By Bob Howard | December 18, 2009 at 12:24 PM
ANAHEIM, CA-Pinnacle Precision Sheet Metal has acquired a 65,000-square-foot bank-owned industrial property at 5410 E. La Palma Ave. for its new corporate headquarters in a move from elsewhere in Anaheim, according to Vit Real Estate Services. According to Rob Socci, an executive vice president with the Anaheim Metro office of Voit's commercial brokerage division, the property sold for $4.3 million in an all-cash transaction.
Socci, who represented both the bank and the buyer, says that Pinnacle Precision plans to occupy the building for its sheet metal operations by June next year. "Sellers are seeking qualified buyers that are certain to close on commercial real estate deals and are willing to discount sales prices for these quick, all-cash transactions," Socci says. He adds that Pinnacle "made an excellent purchase based on current market conditions and the poor condition of the property, which required about $1 million in renovations."
The Pinnacle deal is one of a number of industrial transactions that have closed lately in the region, among them cooking oil distributor Gannet LLC's acquisition of a 70,000 square-foot property at 14370 Gannet St. in La Mirada for $2.3 million. The property is in the final stages of an environmental cleanup, according to Paul Caputo, a vice president in the Anaheim Metro office of Voit, who points out that Gannet paid all cash for the property. Caputo represented Gannet and Bruce Hoffman of UGL-Equis represented the seller, United State Gypsum, a manufacturer and distributor of high-performance building systems.
In Irvine, third-party logistics warehousing firm 3PL Global signed a three-year, $1.7 million lease for a 120,207-square-foot property at 17871 Von Karman Ave. in a deal brokered by Trent Walker of Voit's Irvine office and Mitch Zehner of the company's Anaheim Metro office, who represented landlord Irvine Crossing LLC. The tenant was represented by David Tabone of Sunbelt Advisors Inc.
In Santa Ana, Opera Pacific, Orange County's professional opera company, sold a 19,776-square-foot property at 600 W. Warner Ave. to the Rieck Living Trust for $1.5 million. The seller was represented by Zehner and the buyer by Greg Diab of Lee & Associates.
In Fullerton, Cor-O-Van Moving & Storage Co. signed a five-year, $1.4 million lease for a 57,424-square-foot property at 1000 E. Valencia. The tenant was represented by Zehner and landlord Fullerton Valencia Dr. LLC by Jeff Read and Greg Osborne of Grubb & Ellis.
In Anaheim, Todd Pipe & Supply Inc. signed a five-year, $1.4 million lease for a 60,834-square-foot property at 1005 Edward Court. Zehner represented the tenant in the deal with landlord Bedrosian Edward LLC, which was represented by Jeff Chiate and Rick Ellison of Cushman & Wakefield.
Westcore Buys 4M-SF Industrial Portfolio From USAA Real Estate
The firm closed the year with the acquisition of a 4 million-square-foot industrial portfolio located in nine major markets.
Why SoCal Apartment Prices Haven't Fallen During the Pandemic
Sellers have made some adjustment for rent loss during the pandemic, but low interest rates have kept prices stable.