Ares Acquires 8-Acre Fullerton Industrial Site for $61M
CBRE has negotiated the sale of an 8.38-acre industrial land parcel, including three buildings totaling 155,000 square feet in Fullerton, CA. Industrial investor and developer Ares Management purchased the asset from B & K Investment Company for $61 million.
“Orange County’s industrial demand is strong, and the area is having one of its best years for leasing and sales activity,” said CBRE’s Sean Ward who represented the seller, along with the firm’s Ben Seybold and Keith Greer. “This sale gives Ares many flexible redevelopment opportunities while also addressing the market’s need for more industrial space.”
Located in North Orange County at the corner of South Acacia Avenue and Kimberly Avenue, the three existing buildings on the property are 83,000, 56,000 and 16,000 square feet in size. The current tenant will lease the buildings back, and continue to occupy them for the time being.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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