SIGNAL HILL, CA-Rreef has sold an eight-building, multi-tenant industrial park here to private investor F&B Properties for $5.4 million. The 74,450 sf Walnut Avenue Business Park was 93% occupied with 35 tenants at the time of sale.
The complex was on the market for four months. F&B Properties was represented in the transaction by Charlie McCabe of CB Richard Ellis. Charley Simpson, Michael Randall and Dixie Walker negotiated on behalf of Rreef.
Simpson tells GlobeS.com the transaction was a simple 10-31 exchange and that RREEF was giving up the space because they felt it no longer fit into their portfolio.
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