First Speculative Warehouse to Be Developed and Sold in OC Market Since Recession
Western Realco and partner AEW Capital Management have sold the 83,078 square-foot industrial building at 2850 Orbiter St. in the Orange County suburb of Brea, CA.
Los Angeles-based digital and screen printing provider Coyle Reproductions, Inc. paid $11.5 million cash for the property, which is the first speculative industrial building to be developed and sold in Orange County since the market downtown, according to CBRE, which represented both seller and buyer in the transaction.
Sean Ward, first vice president, Ben Seybold, senior vice president, and Keith Greer, associate, represented the seller. Brian Cole, senior associate, Steve Young, senior associate, and Rick McGeagh, senior vice president, represented the buyer.
Western Realco bought the land for just under $3.5 million in 2011 for speculative development. Construction began in August of 2012 and was completed in April 2013. Ward represented Western Realco in the acquisition of the land.
"The industrial market is starting to come back in a big way and this is the first transaction of many large speculative development projects underway in Orange County," Ward said. "The facility generated good interest in the market with multiple offers."
"Both the high sales price and the short time on the market, illustrates the strong user demand in the Orange County market," added Gary Edwards, Western Realco principal.
Coyle Reproductions will be relocating from La Mirada to fully occupy the new building.