California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
1031 Investor Snaps Up Multi-Tenant Business Park for $14M
CBRE arranged the sale of Alcalde Business Center, a three-building, multi-tenant industrial business park in Laguna Hills, to a private investor. The property sold for $13.95 million.
CBRE’s Mark Shaffer, Anthony DeLorenzo and Gerard Poutier represented the private 1031 exchange buyer. Michael Longo of CBRE represented the seller, an Irvine-based real estate investment firm.
Located at 23151 Alcalde Dr., the 37,318 square-foot property was originally constructed in 1978 on a 2.46-acre lot. The three buildings are 78% occupied by a total of 14 tenants. The asset is less than a mile from I-5, connecting Laguna Hills to the rest of Southern California.
“South Orange County industrial rents increased substantially in 2022 and are expected to continue to rise in 2023,” said Shaffer. “With short-term leases and in-place rents significantly below market, the asset offers significant near-term upside and long-term appreciation.”
- ◦Sale/Acquisition
