Class A Distribution Building in Anaheim Sold to Pfizer
SARES•REGIS Group sold a 281,548-square-foot Class A distribution building in Anaheim, Calif., that the company owned in a joint venture with an institutional partner to Pfizer Inc. for $42 million. The facility was leased recently to the Straub Distribution Company for 15 years.
“We bought the note and foreclosed on the vacant building last summer. Within four months, we leased the entire building to a premier tenant on a long term lease. Then we put the building on the market and found a Fortune 100 company to buy the building all within a year of acquisition. With an improving market, we were able to execute our strategy perfectly”, said Larry Lukanish, senior vice president in SARES•REGIS Group’s commercial investment division.
The building is at 4663 La Palma Avenue. Straub Distribution Company is the exclusive distributor of Anheuser Busch products in Orange County. Straub is consolidating from three locations in Orange County to make this facility its new corporate headquarters and distribution warehouse. Straub is in the process of converting the warehouse to maintain a temperature of 60 degrees for beverage storage and building tenant improvements for its office space. The Class A industrial facility also features 30-foot clearance, an ESFR sprinkler system, 30 dock-high truck positions and 4,000 Amps of power, as well as a large, secured yard area with two guard shacks, drive-around capability and ample parking.
CBRE’s Darla Longo, Barbara Emmons and Rebecca Perlmutter along with local market experts Brad Bierbaum and Ryan Peterson represented SARES•REGIS Group. Chris Kehrli and Ben Seybold, also with CBRE, represented Pfizer Inc.
“There is a very limited supply of large, Class A buildings in the North Orange County market, and the large buildings that do exist are typically older construction with limited functionality for today’s tenants,” Longo said. “As a result of both the limited supply and capital’s strong appetite for stable, leased assets today, this was a highly competitive offering.”