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21-Acre Site Changes Hands in Orange County
Orange County is heating up, seeming to compete with the Inland Empire – and it’s not just the weather – it’s the industrial market. CBRE has arranged a 21-acre site’s sale to Greenlaw Partners for an undisclosed price, according to a news release.
The property, located at 1211 E. Badillo St. in West Covina, consists of a 177,440-square-foot building. In a past life, the property was an industrial building and then it was used as a church.
Greenlaw plans to convert the structure back for industrial use rather than tear it down and rebuild. CBRE will be retained to market the site for lease.
CBRE’s Eric Chen, Jason Chao and Steven Saunders represented the buyer in the transaction.
A relevant quote from the release:
“West Covina is in the center of the San Gabriel Valley, and this is one of the largest sites remaining in Los Angeles County for redevelopment,” said Chen. “This is an attractive investment as land prices have been going up in the past two to three years. The new owner will reposition the property for its highest and best potential use.”
The CBRE team also represented the seller, a non-profit organization, in the transaction. CBRE is currently helping the seller identify multiple properties across Southern California.
- ◦Sale/Acquisition
