$16,745,000 DONE DEAL!
7 ACRE ANAHEIM INDUSTRIAL SITE ASSEMBLY SELLS FOR REDEVELOPMENT
7 ACRE INDUSTRIAL SITE FOR RESIDENTIAL REDEVELOPMENT
Greg Ozimec, with Industrial Brokers, Inc., represented the buyer on a 7.1 acre site located in Anaheim off of La Palma Ave and Anaheim Blvd. This transaction involved (4) sellers including three private owners and the City of Anaheim on the assemblage of approximately 7.1 acres and nearly 80k square feet of industrial buildings. The City of Anaheim worked with us in selling an ±1 acre parcel that the City wished to be included in the future planned development.
The entire 7.1 acre site is located in an overlay zoning that provides for the opportunity to redevelop the site from industrial use into high density residential housing and mixed use.
The buyers due diligence took over 20 months which included receiving full approval of entitlements to build 162 units at the site. (proposed site plan below). This was a very complicated escrow and process with many consultants, engineers, city staff / planning commission review & approvals, city council approval, attorneys, and tenants.
Key Terms of the Sale
Transaction closed on April 29, 2016
$16,745,000 – total consideration
$2,358,450 per Acre
162 Unit Approved Plan