The 228,401-sf, 11-building complex stands on a 13.59-acre parcel located at the Southwest corner of Valencia Drive and State College Boulevard. None of the parties in the transaction would discuss financial details, but brokers in the area tell GlobeSt.com that the deal is worth about $17 million.
At the time of sale, the facility was 100% occupied with major tenants including Walt Disney Co., Fairchild Corp., American Greeting Corp. and Los Angeles Times. The buyer, Times Square Real Estate Investors (Cigna), was represented by a Colliers Seeley International brokerage team consisting of Michael Ross, David Norcott and Randy Coe. The same team represented the seller, Rreef.
The deal comes on the heels of a recent report published by Chapman University that says Orange County's manufacturing sector has experienced a slowdown in the first quarter of 2001. Chapman's seasonally adjusted index, which measures manufacturing activity in the county, has fallen from 52.7 in the fourth quarter of 2000 to 43.7 in the first quarter of 2001.
Area brokers say the county's industrial real estate market continues to perform strongly, despite the slowdown in the manufacturing sector. In North Orange County, where the Fullerton Industrial Park is located, the vacancy rate is at 3% and there is positive rental growth.
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