Greenlaw Adds 200K SF of SoCal Warehouse Space for $58M
By Greg Cornfield February 13, 2023 5:40 pm
reprints
Development firm Greenlaw Partners has completed another warehouse deal, adding close to 200,000 square feet to its portfolio in Southern California.
The Orange County-based company acquired two last-mile distribution facilities totaling 198,807 square feet in Anaheim, Calif., for $58 million. JLL (JLL) announced the deal and represented the seller, an entity named RAYMAB LLC.
The buildings at 1701-1771 South Lewis Street were previously occupied by the Orange County Register but were vacant at the time of sale. The warehouses were completed in 1977 and 1978 on 8.4 acres adjacent to Interstate 5, about 30 miles east of the ports of Los Angeles and Long Beach.
It’s not the first former Register property to be repurposed to cater to the intense industrial real estate market. In 2020, Amazon acquired the publication’s former printing location, which is being redeveloped into a 112,485-square-foot last-mile distribution warehouse.
JLL research shows the vacancy rate in Orange County remains extremely low at 1 percent, and it is expected to remain that way through the first quarter of 2023. Landlords, then, remain bullish on asking rents.
Greenlaw is particularly active in its home region of Southern California. About a year ago, the firm sold a 130,392-square-foot warehouse that’s fully leased to Amazon in northern L.A. County for $59.7 million, and, in 2021, Greenlaw sold a different Amazon warehouse in Simi Valley for $128 million.
JLL’s Mark Detmer, Ryan Sitov, Ryan Spradling, Makenna Peter, Byron Foss and Curtis Ellmore worked on the sale of the Lewis Street properties.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
