Hager Pacific Closes Industrial Sale

ORANGE, CA-Hager Pacific Properties has purchased a 76,500-sf industrial facility with additional land located on an oversized seven-acre parcel at 341 W. Collins Ave. from Parker-Hannifin Corp. for approximately $6.5 million and signed the tenant to a 10-year lease valued at approximately $5.8 million. The property is 100% leased to Metal Technology Solutions Inc., which signed the 10-year lease with Hager Pacific upon the close of escrow. MTS is an 80-year-old designer and manufacturer of precision-orientated metal components and assemblies. Allen Buchanan of Lee & Associates represented the buyer in the recent transaction. Ben Seybold and Zach Niles of CB Richard Ellis acted on behalf of the seller. The acquisition adds to a Hager Pacific portfolio of approximately 8 million sf of industrial, retail and commercial property and about 3,000 apartment units throughout Southern California. The purchase is the second by Hager Pacific in the past month in which the company acquired a 100% leased facility. Last month, as reported on GlobeSt.com, Hager Pacific purchased a 272,448-sf distribution facility on 11.7 acres in the city of Ontario near the Ontario International Airport for $12 million. The warehouse and distribution facility is at 1291 S. Vintage Ave. and is 100% leased to A&R Transport Inc.