Buyer Acquires 65,000-SF REO Property for HQ

ANAHEIM, CA-Pinnacle Precision Sheet Metal has acquired a 65,000-square-foot bank-owned industrial property at 5410 E. La Palma Ave. for its new corporate headquarters in a move from elsewhere in Anaheim, according to Vit Real Estate Services. According to Rob Socci, an executive vice president with the Anaheim Metro office of Voit’s commercial brokerage division, the property sold for $4.3 million in an all-cash transaction.

Socci, who represented both the bank and the buyer, says that Pinnacle Precision plans to occupy the building for its sheet metal operations by June next year. “Sellers are seeking qualified buyers that are certain to close on commercial real estate deals and are willing to discount sales prices for these quick, all-cash transactions,” Socci says. He adds that Pinnacle “made an excellent purchase based on current market conditions and the poor condition of the property, which required about $1 million in renovations.”

The Pinnacle deal is one of a number of industrial transactions that have closed lately in the region, among them cooking oil distributor Gannet LLC’s acquisition of a 70,000 square-foot property at 14370 Gannet St. in La Mirada for $2.3 million. The property is in the final stages of an environmental cleanup, according to Paul Caputo, a vice president in the Anaheim Metro office of Voit, who points out that Gannet paid all cash for the property. Caputo represented Gannet and Bruce Hoffman of UGL-Equis represented the seller, United State Gypsum, a manufacturer and distributor of high-performance building systems.