Sale Proceeds Drive $23M in Acquisitions

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ANAHEIM, CA-The seller of a 106,000-sf industrial building has taken the $20.2 million in proceeds from that deal and applied them toward the acquisition of three properties in Orange County and the Inland Empire for $23 million, according to CB Richard Ellis. Tom McAllister of the Anaheim office of CBRE tells GlobeSt.com that Whittle Investors, which sold the 106,000-sf industrial property to Lennar Homes, has since acquired two properties and is in escrow to buy a third.

The two properties that Whittle bought are a 26,232-sf distribution facility at 25111 Arctic Ocean in Lake Forest that is occupied by Journey Electric Technologies and a 116,763-sf industrial building at 40750 County Center Dr. in Temecula that is occupied by Tension Envelope Co. In addition, Whittle is in escrow to buy a 13,000-sf office building in Irvine.