In the first transaction, LPC Fullerton sold a just-completed 29,070-square-foot building at 850 Enterprise St. in Fullerton's Kimberly Business Park for $4.8 million. Mitch Zehner and Louis Tomaselli of Voit's Anaheim Metro office represented the seller. Brian DeRevere and Ryan Peterson of CB Richard Ellis represented the buyer, Contract Carpet, a family-owned floor coverings provider. According to Zehner, the 285,000-square-foot business park is now more than 50% sold.
In the second, the Setbisium Trust sold an 18,900-square-foot industrial building at 151 Columbine Ave. in Santa Ana for $2.9 million. Michael Cargile, Loren Cargile and Kevin Bayless of Voit's Irvine office represented the seller. Greg Velastegui, also of Voit's Irvine office, represented the buyer, Landmax Group LLC.
Finally, KPM Spectrum LP has sold a 4,637-square-foot industrial condominium at 9253 Research Dr. in Irvine for $1.3 million. The property off Interstate 5 at Bake Parkway is part of Koll Center 3, a 56-unit industrial/R&D development completed in May 2008. The project is approximately 60% percent sold, with 24 buildings still available. Michael Hartel, Kevin Turner, Joseph Winkelmann and Travis Haining of Voit's Irvine office represented the seller. Sam Saeedi of Optimal Portfolio Real Estate Ground represented the buyer, Staminus Communication Inc.
"There are a lot of people still on the sidelines, but it seems like we're starting to see more bodies out and about, and that's a good sign." says Zehner in regard to the Fullerton deal. "We're starting to see activity. Everybody's waiting to see what the next guy's doing, but some people are obviously going forward."
In his view, there's a lot of pent-up demand just waiting for the right moment to break loose into the market. "Once the market does get traction, things will start to snowball," he tells GlobeSt.com. "I think people are starting to realize the end of the world isn't going to happen, though it took till about February for people to realize it. But there are so many users that have postponed decisions, that things have to get going before too long."
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