The buyer, Ramona Investments, has paid $5 million for the property. Built in 1983, the building has a 26-ft clearance height and is fully sprinklered. It is located at 13851 Ramona. The facility is fully leased to long-term tenants EL & EL Wood Products Corp. and Gibbs Wire & Steel Co.
Both Ramona Investments and the seller, Investment Building Group, were represented by Jedd Zaun of Lee & Associates.
"It was an excellent acquisition for the buyer," comments Zaun. "The current investment market is fairly tight due to lack of supply."
Orange County's industrial sector will probably see a slowdown in activity in the months ahead, according to a recent report by Grubb & Ellis Co. However, the report does point out that technology segments such as biotech, pharmaceuticals, communications and security, will benefit from increased spending and may expand into larger spaces here in the future.
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