Turner Development Corp. has acquired the 31,500-sf property, which is located one block north of the 91 Freeway at 1430 E. Orangethorpe. Built in 1969, the facility was completely renovated in 1995.
The "Federal Express' lease expires in June 2005," according to Rusty Turner, president of Turner Development. "Because the current tenant is paying substantially under market rents, we will be able to release the building at a stronger rent, thereby increasing the value of the property."
The Fullerton sale marks the second acquisition by Newport Beach-based Turner Development in recent weeks. The company recently purchased a 58,000-sf industrial building in the Irvine Business Complex for $3.5 million. Located at 1822 Reynolds, the facility is currently fully leased. It is occupied by Newport Adhesives and Composites, which has a short-term lease here.
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