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ANAHEIM, CA-Sares-Regis Group of Irvine has sold a 281,548-sf warehouse and distribution building here for $38 million, a price that the development and investment firm says is one of the highest ever paid per sf in this market for a comparable building. "This is one of the highest comps on a price-per-square-foot basis for a building this size in Orange County," explains Larry Lukanish, a vice president in the commercial investment division of Sares-Regis.

The building is a class-A distribution warehouse on 11.8 acres at 4633 E. La Palma Ave., with features that include a 140-foot truck court, 30 dock-high doors, 30-foot clear height and excess paved area for trailer storage. Sares-Regis bought the building in June of 2006 for $100 per sf, which was a 6.6% cap rate. The selling price was $136 per sf at a 5.1% cap rate, Lukanish says.

Both Sares-Regis and the buyer were represented by Brad Bierbaum of the Anaheim office of CB Richard Ellis. The buyer, also the building's tenant, operates a home furnishings import business.