Brian Williams of Voit Commercial Brokerage tells GlobeSt.com that the buyer, a circuit board manufacturer, also bought the business operated by the tenant occupying the buildings, TriStar Engineered Products, in a separate transaction.
Williams, who represented the buyer and the seller, says Reese Management also operates facilities in Orange and bought the buildings to expand its operations. The tenant, who occupies all of the space in the buildings, will remain in them as an employee of the new owner.
The single-story, concrete tilt-up buildings were completed in 1978, and the seller had owned them for about 11 years.
Williams tells GlobeSt.com the transaction was complicated because it involved negotiations among the buyer, the seller and the tenant on a number of points, but all three cooperated to resolve all of the deal points.
"It was very complicated, but the way they cooperated, it could have been done on a handshake," he says. For example, Williams tells GlobeSt.com, the former owner contributed to clean-up costs while the sale was in escrow, and the parties also agreed during escrow on who should pay costs of deferred maintenance and repairs.
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