VM Properties has snapped up the facility, which encompasses 47,100 sf. The building is located at 1661 Palm Avenue.
Greg Ozimec of Voit Commercial Brokerage's Irvine office and Michael Hefner of the firm's Anaheim Metro office acted on behalf of VM Properties. The seller, Santa Ana Cannery, was represented by Shelton Morrison.
Facilities in the small to mid-sized range, such as the 47,100-sf Santa Ana building, continue to be the biggest sellers in the Orange County region. This type of product is drawing buyers, as interest in the large R&D-flex market is waning. According to a recent survey by Grubb & Ellis Co., now that the region is suffering from a space glut, it is that R&D-flex market that "has been hardest hit."
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