Davenport: “If they develop, it could be a home run, but if not, they’re still sitting on a pretty attractive return.”

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.

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