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$58m sale of two industrial buildings along I-5 in Southern California closes
RAYMAB has sold 1701-1771 S. Lewis St., a portfolio of two last-mile warehouse and distribution facilities totaling 198,807 square feet in Anaheim, Calif. Greenlaw Partners has paid $58 million for the assets.
The adjacent properties, which were completed in 1977 and 1978, were previously occupied by the Orange County Register and delivered vacant at the time of sale. According to JLL’s Orange County Industrial Insight - Fourth Quarter 2022, the market’s vacancy rate has remained at a record low of 1 percent, causing landlords to remain bullish on asking rents, and is expected to remain firm through first quarter 2023.
Positioned on 8.38 acres adjacent to Interstate 5, the property is half a mile from the on-ramp that connects to the extensive Southern California freeway system. As a result, tenants have same-day access to the 25 million residents