ANAHEIM, CA—In the case of long-term master leases, developers should be satisfied with the current income situation of the property before any redevelopment if the lease term is not ending any time soon, Voit Real Estate Services' Seth Davenport tells GlobeSt.com. Davenport and Mitch Zehner, both EVPs in the company's Anaheim office, have recently completed the $14.6-million sale of an 8.5-acre land site in Anaheim on behalf of buyer Pacific Industrial.
The property, located at 2222 East Howell Ave. within the boundaries of Anaheim's Platinum Triangle, had been encumbered by a 50-year master lease since 1973, which prevented any sale of the property until it expired or was otherwise terminated. Pacific Industrial executed a series of complex negotiations, coupled with impeccable timing, to ensure the deal closed. Given its location near the geographic center of Orange County, with immediate access to five major freeways, the site could be considered perfect for a last-mile distribution center.
We spoke with Davenport about the issues that come up for owners and developers with regard to long-term master leases and where the opportunities lie in these transactions.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
