Lack of Properties in All Size Ranges Has Buyers Scrambling
As competition remains strong in Orange County for quality industrial assets, the $13.1 million off-market sale of a 50,000-square-foot industrial building in Anaheim represents a strategic acquisition for Moriel Real Estate. The concrete tilt-up facility is stationed near the 91 and 57 Freeways at 1480 North Hancock St. and was sold by injection molding machine manufacturer, Nissei America Inc. The building constructed in 1985 features 1,200 amps of power, six ground-level and dock-high doors, and sits on approximately 2.5 acres in Orange County. It will be occupied by Imperial Technical Services and Imperial Synthetic Turf, distributors of irrigation systems and synthetic turf, and will serve as an expansion of the firms’ Orange County operations.
Colliers’ Brian Chastain and Chuck Wilson brokered the deal, representing buyer, Moriel Real Estate LLC.
“With the lack of available properties in all size ranges, it has become more difficult for buyers and tenants to find quality properties,” says Chastain. “North Orange County is extremely competitive. Right now, we are seeing a 1.3 percent vacancy rate with limited new construction in a supply-constrained market. The acquisition of the Hancock property plays a strategic role for our client’s operations.”
In addition to this newly attained building, Moriel Real Estate will maintain its current facility in Anaheim with plans to further expand operations of Imperial Technical Services and Imperial Synthetic Turf in Southern California.