The group has purchased a 220,000-sf manufacturing plant, with plans to demolish it. "In this case, the value of the 15.497-acre parcel on which the building is located, was the motivating factor for Kaiser's acquisition," says Rob Socci of Voit Commercial Brokerage, who worked on the deal. Kaiser plans to build a multi-story, patient-care center on the site, which is located at 3400 E. LaPalma Ave.
Kaiser currently serves 8.1 million members in nine states and the District of Columbia. Working as an integrated health delivery system, the group organizes and provides or coordinates members' care.
Mike Finley, Mike Merk and Bob O'Neill, all of Grubb & Ellis Co., represented Kaiser. Rob Socci of Voit Commercial Brokerage handled talks for the seller, Cinram. A manufacturer of CDs and DVDs, Cinram has consolidated its manufacturing operations into two locations in Alabama and Florida.
"During my 20 years in the industrial real estate market, I have repositioned many older buildings in the Anaheim area," Socci says. He represented Rockwell when it sold the building, which was completed in 1977, to Cinram during the defense slow-down in 1994. "Sometimes, the land itself is the most desirable asset in a tight infill market," he adds.
Anaheim had 145,859 sf of industrial product under construction at the end of the third quarter, according to recent research by Cushman & Wakefield Inc. Its overall vacancy rate stood at 4.3%, the report says.
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