Fullerton Warehouse Fetches $156M in Record OC Sale
GLP Capital Partners has purchased 458 E. Lambert Road, a 406,000-square-foot industrial property in Fullerton, CA. The $156 million deal works out to $384 per square foot, making it the most expensive industrial sale in Orange County in 2022. The seller was Swiss Re, a European insurer which bought the building for $55 million in 2014.
The warehouse is 100% leased to FedEx and NorCal Beverage, who have occupied the property for over 10 years. FedEx occupies 160,000 square feet of the building, while NorCal Beverage takes the rest.
Orange County continues to be a hot industrial market, with a third-quarter vacancy rate of 1.9% according to Kidder Mathews. Average asking rents stand at $1.58 per square foot on a triple net basis, a record high, and average sale prices in Q3 were $346.40 per square foot, with cap rates steady at 3.9%.
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.