ANAHEIM, CA-Small businesses are taking advantage of low prices and SBA financing to acquire their own buildings, according to CB Richard Ellis brokers who were involved in three such deals lately. CBRE’s Ben Seybold and Sean Ward, represented the sellers in three recent industrial sales totaling $28.6 million in Anaheim and Fullerton.
In one of two deals in Anaheim, Imation Corp. sold a 163,139-square-foot building at 3190 E. Mira Loma Ave. for $13 million. The property had been on the market for 18 months, according to the brokers. The buyer was Chun Lun Ko, who bought it for the corporate headquarters of Best Cheer Stone, a stone company, which is relocating from facility in the tile mile area of Anaheim. The company is now renovating the property and plans to move in upon completion.
In the Fullerton transaction, Ideal Spa Covers sold a 59,926-square-foot freestanding at 1601 E. Orangethorpe Ave. to Yien and Tran Ngoc Linh for $4.5 million. The buyers operate a Vietnam-based metal company, and the Orangethorpe Avenue building will be the company’s first US location. The purchase price was 46% below the original listing price of $139 per square foot in April 2007. CBRE was the third firm to list the property in the three-year period.
Ward notes that both the Mira Loma Avenue building and the Orangethorpe property were on the market for an extended period of time. He says that CBRE was successful in selling them in today’s market “in large part because buyer and seller expectations are now much more closely aligned than we saw in the past couple of years, and some buyers now feel that we are at, or close to, the bottom of the market.” In addition, the availability of aggressive SBA financing has helped give the user/sale market a necessary jump-start, he adds.
Last month, as reported by GlobeSt.com, Seybold and Ward also participated in the $11.1 million sale of a 154,255-square-foot corporate headquarters sale at 1600 Kraemer Blvd. in Anaheim. The buyer was Advantage Mailing, a high-end direct mail and advertising company. The seller, BPG Properties, was represented by Ian Britton and Rick McGeagh in addition to Seybold and Ward.
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