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Two More Area Industrial Projects Change Hands in $22-Mil Deal

ORANGE COUNTY, CA-A joint venture of locally based CIP Real Estate and a fund run by Alex Brown Realty pick up more than 300,000 sf. One development is in Fullerton, the other in Kearny Mesa.

By David W. Myers | Updated on February 09, 2001

ORANGE COUNTY, CA-Two more Southland industrial projects have been sold for a combined $22 million, reflecting the region’s strong demand for manufacturing space and investors’ insatiable appetite for such properties.

Both of the developments were purchased by a joint venture of Irvine-based investment group CIP Real Estate and a fund managed by Alex Brown Realty Inc. One of the projects is a 161,127-sf complex in Fullerton and the other is a 155,529-sf light industrial facility in San Diego.

The Orange County project, known as Fullerton Business Center, stands at the intersection of Walnut Avenue and State College Boulevard. It was purchased for $8 million from a partnership affiliate of Legacy Partners and is more than 85% leased.

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