CBRE Makes Off-Market Industrial Property Sale to Greenlaw Partners

BUENA PARK, CA— CBRE Group has completed the sale of an off-market single-tenant net leased industrial property here for $25.5 million. The firm says it is the highest-valued free-standing industrial sale in Orange County for 2016.

6280 Artesia, Buena Park

CBRE’s Josh Bonwell, Rick McGeagh and Steve Young represented Greenlaw Partners in the purchase of the building, located at 6280 Artesia Boulevard . The 218,640 square-foot free-standing facility, with large fenced yard, truck court and major street visibility is currently occupied by Exemplis Corp ., which produces the office seating product brand SitOnIt and Ideon and build-to-order lobby or lounge area seating. The seller is SHA Enterprises , a private owner who was advised by Rick Hertel from Corporate Real Estate Services . The building, directly adjacent to the 5 Freeway , is situated within the Mid-Counties industrial submarket of Los Angeles.  The submarket has a current base of approximately 134 million square feet and extremely low vacancy rate of 0.05%. Corporate neighbors include , Pepsico, Staples, International Paper, JC Penney and Home Depot . “The Mid-Counties region has historically always had strong market fundamentals as institutional owners flock to this market to purchase assets, which is a sign of this market’s consistent strength, stability, high rents and central location to the ports of Los Angeles and Long Beach , Los Angeles basin, Orange County and the Inland Empire ,” said CBRE’s Bonwell. “With little land left to develop industrial buildings, we expect continued rent growth, increasing sale prices and high demand from tenants and buyers.” Greenlaw Partners is an Orange County-based real estate investment, management and development company. Formed in March 2003, the company has handled acquisitions and dispositions in excess of $2.5 billion dollars and has closed projects with a variety of sophisticated real estate owners, brokers and lenders. Greenlaw currently manages a portfolio of approximately 6.5 million square feet.