Greenlaw Partners, Commonfund Realty Acquire Building From First Industrial
10 Aug, 2007, Orange County, CA
Santa Ana industrial facility sells for $46.5 million
Orange County-based Greenlaw Partners, a real estate development and investment management firm, and Commonfund Realty, Inc. have acquired a 366,629-square-foot industrial facility located at 2001-2007 E. Dyer Road in Santa Ana, California. Jeff Chiate and Rick Ellison from Cushman & Wakefield represented the seller, First Industrial Realty Trust, in the transaction valued at $46.5 million. Greenlaw Partners was represented by Maury Panza of Collins Commercial.
The building is located in the heart of the Irvine Business Complex in the Orange County Airport submarket. It is adjacent to Tustin Legacy, a 1,600-acre mixed-use redevelopment of the former Tustin Marine Corps Air Station. Irvine Business Complex features more than 18 million square feet of office space and approximately 30 million square feet of research and development and industrial facilities.
First Industrial acquired the facility in December 2006, with the goal of repositioning the property to serve businesses seeking larger high-quality industrial space.
“The Orange County industrial market is one of the tightest in the nation,” said Chiate from Cushman & Wakefield. “Direct vacancies for the second quarter have dropped to 2.7 percent and the market is expected to remain healthy throughout the year.”
***Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-858-597-5960, or visit the firm’s Web site at www.cushmanwakefield.com.