PRESS RELEASE: Lee & Associates Negotiates $5 Million Industrial Sale

BUENA PARK, CA – Brokers from Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, have completed the $5 million sale of a 45,761-square-foot industrial building located at 6220 Descanso Ave., in Buena Park, Calif. Justin Smith, senior vice president in Lee’s Irvine office, and Scott Smith, principal in Lee’s Phoenix office, teamed to represent the seller, BH&C Properties. The buyer is 6220 Descanso Holdings, LLC.

“The Mid-Counties market has experienced continued positive net absorption, rental rate growth and property appreciation,” said Smith. “This property is located near two major transportation arteries, and it has an existing tenant in Sun Opta Food Group. This is a unique opportunity whereby the buyer will be able to hold the building in its real estate inventory and then occupy it when the current lease expires. As a result, we were able to structure the transaction to meet not only everyone’s financial requirements, but their timing needs as well.” 

Built in 1960, the property, which is located between Interstates 5 and 91, is a freestanding facility that is situated on approximately 2.44 acres. The property contains 23,000 square feet of high cube freezer area, approximately 20,000 square feet of food processing area with floor drains, six dock high positions and loading areas on two streets.

TAGS: Investment