The Sitton Family Trust has paid $1.1 million for the property. Encompassing 11,200 sf, it is located at 1837 N. Neville St.
Bryce Aberg of Lee & Associates' Newport Beach office acted on behalf of the family trust. The seller, Andersen Holding & Investment Co., was represented by a CB Richard Ellis team consisting of Forrest Wylder and Tom McAllister. Both brokers are based in the firm's Anaheim office.
Although Orange County's industrial market is fairly diverse, it too has been impacted by the weak economy. At the end of 2001, "availability rates for standard industrial space remained relatively low, staying in the range of what they have been through the boom of the past few years," according to a recent report by Grubb & Ellis Co.
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