FULLERTON, CA—Western Realco has sold a new free-standing warehouse with a two-story office component at 4150 W. Palm St. here for $32.5 million to user-buyer Brad Rambo and Associates. The seller redeveloped the property in 2017 on spec, razing a vacant 88,000-square-foot office building in the process, garnering a record-high comp for the asset.
CBRE's Sean Ward, Ben Seybold and Keith Greer represented the seller in the transaction, while the buyer was represented by Casey Mungo of Daum Commercial. Ward tells GlobeSt.com, “The record-high comp in this transaction is credited to the extreme lack of available user purchase options in the market, along with a perfectly designed building.”
The new, class-A, 181,069-square-foot building features a warehouse with 32-foot minimum clearance, ESFR sprinkler system and a large, fenced truck court. Properties with these features are in high demand in North Orange County, which is one of the strongest and tightest industrial markets in the country. In addition to its proximity to the ports of Long Beach and Los Angeles, the area is mature, fully developed and land scarce, with few large-scale development opportunities, all of which contribute to tight inventories. It is one of the lowest vacancy rates in the US at 1.3%, according to CBRE Research.
As Seybold recently told GlobeSt.com, one solution to the tight market, especially during seasonally busy warehouse markets such as the holiday season, is pop-up industrial space, but it can be difficult to find and navigate.
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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.
