Cardinal Development Co. has paid $2.8 million for the one-story building, which encompasses 45,250 sf. Built in 1971, the facility stands on a 121,968-sf land parcel at 5500 E. La Palma Ave.
Metal Powder Products Co. will continue to occupy the Anaheim building, having signed a 10-year lease with two five-year options to renew.
Ben Seybold of CB Richard Ellis Services Inc. acted on behalf of both Metal Powder Products Co. and Cardinal Development Co.
The level of leasing activity in the Orange County industrial market is on the rise, having jumped to 4.1 million sf in the second quarter of this year from 2.9 million sf in the first quarter. Net absorption was 498,497 sf for the second quarter, giving the county a total of 533,558 sf of negative absorption for the first two quarters of 2002.
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