IRVINE, Calif. –– Cushman & Wakefield announced the firm has brokered the sale of a ±10.7-acre industrial site in Los Alamitos (Orange County), California. The property consists of several existing multi-tenant buildings on eight parcels.
Duke Realty acquired the property from Don Wilson Builders for approximately $77.2 million as an investment, with the future potential to redevelop the site as a Class A industrial project.
Cushman & Wakefield’s Kyle McGillen and Rick Ellison, SIOR represented the buyer in the transaction.
“This industrial site is strategically located on the border of Los Angeles and Orange County, convenient to the busiest port complex in North America, an extensive freeway network, two major airports, and a massive population center,” according to the Cushman & Wakefield broker team.
The location offers quick access to key logistical routes including Interstates 605 and 405, which further connect to Southern California’s entire freeway system as well across state lines. The site is also convenient to the Ports of Los Angeles and Long Beach as well as the John Wayne Airport and Los Angeles International Airport.
According to Cushman & Wakefield’s recent Q2-2022 industrial market report, Orange County maintained a tight vacancy rate of just 1.5%. New leasing activity picked up in the second quarter totaling 2.6 million square feet (msf) compared to 2.2 msf in Q1 2022.
“The Orange County/Greater Los Angeles industrial markets remain very tight and occupiers continue to seek out well-located industrial space,” noted Kyle McGillen, director.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services.