Anaheim Hills Business Center Trades for Over $21M
Five-building industrial and office campus is 83 percent leased
By Greg Cornfield November 26, 2019 5:54 pm
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Hamra Properties has acquired the Anaheim Hills Business Center in Anaheim, Calif., for $21.3 million.
The firm acquired the 154,627-square-foot industrial and office campus from Seligman Group, according to Cushman & Wakefield (CWK), which brokered the transaction. The property is currently 83 percent leased to a diverse group of tenants in construction, engineering, design, advertising, insurance, health care, equipment, consulting and management. According to property records, recent tenants include a cannabis products retailer called House of Cbd Corp., Elite Data Solutions, and Zesthetic Dental Lab.
Jeffrey Cole, Jeff Chiate, Ed Hernandez, Mike Adey, and Nico Napolitano from Cushman & Wakefield represented the seller. Rick Ellison and Randy Ellison served as market advisors.
The five-building campus was built in 1988 at 5100-5150 East La Palma Avenue. The buildings range in size from 19,000 to 49,000 square feet, and accommodate tenants from 700 square feet as they grow and expand within the park, which encompasses more than six acres and is situated approximately one mile east of the 91 and the 55 Freeway interchange in the Anaheim Canyon area.
Market fundamentals remain strong in the Anaheim industrial market, with a vacancy rate of 0.9 percent as of the third quarter of 2019, according to Cushman & Wakefield’s research. The sale of Anaheim Hills Business Center ranks as the second-largest industrial transaction so far in the fourth quarter this year.
In October, Harbor Associates acquired the 10-story Anaheim City Centre at 222 South Harbor Boulevard in downtown Anaheim as part of an $80-million trade. And industrial developer Goodman Group recently completed the Goodman Industrial Center Anaheim, which spans 143,250 square feet.
Hamra Properties owns office, industrial and auto care facilities in Los Alamitos, Irvine, and Rancho Santa Margarita in California.
The Seligman Group was founded in 1954 by Irving R. Seligman. In the late 1990s, the firm started investing in California properties, and in 1999, it acquired 16 multifamily properties in Greater Los Angeles.
Its current portfolio includes 11 multifamily properties with more than 800 units clustered near one another in the Koreatown and Greater Wilshire areas of Los Angeles. The properties include the Piccadilly Apartments at 682 Irolo Street; the Sir Francis Drake at 841 South Serrano Avenue; St. Andrews Manor at 516 South St. Andrews Place; the Dubarry at 3471 West 5th Street; the Gramercy Towers at 160 South Gramercy Place; the Serrano Tower Apartments at 511 South Serrano Avenue; and the Fontenoy Apartments at 1811 North Whitley Avenue, according to its website.
