(EDITOR’S NOTE: The property was sold by an entity that shares an address with the Los Angeles County Employees Retirement Association for $33.3 million, or about $332 per square foot, according to public records.)
MISSION VIEJO, Calif. –– Cushman & Wakefield announced the firm has brokered the sale of a 100,295-square-foot industrial business park in Mission Viejo (Orange County), California. Mission Viejo Business Center consists of six multi-tenant industrial distribution/warehouse buildings on ±7.65 acres located at 23811-23891 Via Fabricante. The property is 99% leased to 43 tenants and was acquired by MIG Real Estate for an undisclosed price.
Jeff Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller, a global investment advisor, in the transaction.
“Mission Viejo’s solid market fundamentals, together with the project’s exceptional quality and financial profile, created a great investment opportunity in one of Orange County’s most sought-after submarkets. The project provides a distinguished corporate image, stable cash flow, and below market rates yielding attractive value-add potential,” said Jeff Chiate, Executive Vice Chair.
“The project is centrally located within the Mission Viejo submarket servicing a broad range of tenants and local companies seeking highly functional and divisible industrial space. The property also offers a variety of bay sizes, ±10’-16’ clear height, grade and dock-high loading doors, and concrete truck courts to support the needs of various mid-size industrial tenants, a segment we continue to see strong demand,” said Bryce Aberg, Vice Chair.
Originally constructed in 1975, Mission Viejo Business Center resides in a highly desirable location with proximity to Interstates 5 and 405 and the John Wayne Airport, providing convenient regional, national, and international access, including nearby Los Angeles and San Diego. Orange County also offers a robust amenity base, including world class beaches and outdoor activities also in proximity of the property.
