(To read more on the industrial market, click here.)
ANAHEIM, CA-New York-based ING Clarion, a real estate investment advisory firm, purchased the La Palma Distribution Center for $12 million. The 127,000-sf multi-tenant warehouse/distribution facility is located on La Palma Avenue, in North Orange County's industrial submarket.
The center, sold by New York-based McMorgan and Co., set on 5.67 acres, gives tenants easy access to the Los Angeles and Long Beach ports, as well as numerous local and international airports.
Though the office and housing markets continue to occupy much of the surrounding land, Steve Batchellor, participating broker and senior vice president of CB Richard Ellis, claims that warehouse and distribution facilities such as La Palma are still needed throughout the region.
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