A joint venture between Batcheller Equities and Panattoni Development has sold 1730 South Anaheim Way, a newly developed 143,930-square-foot industrial building in Anaheim, California, for an undisclosed price to American Realty Advisors. The asset is triple-net-leased in its entirety to Rosendin Electric, Inc., a San Jose, California-headquartered electrical contractor founded in 1919 with 17 offices and more than 4,600 employees.
With construction completed first quarter of 2018, the property is situated on 6.92 acres of land along the 5 freeway. It features extensive glass lines, 40,170 square feet of office space including 15,288 square feet of mezzanine space, 32-foot clear heights, a large concrete yard and loading area, rooftop solar system, and skylights.
NKF Capital Markets co-head of U.S. capital markets Kevin Shannon; executive managing directors Bret Hardy, Jeff Read, and Scott Read; and managing directors Scott Schumacher and Greg Osborne represented the seller and developer. The buyer was self-represented.
“The industrial market throughout Southern California continues to be extremely tight. Newly-constructed assets like this are very rare,” says Hardy. “1730 South Anaheim Way represented an opportunity to acquire a brand-new building in a high barrier to entry market, and a prime freeway-close infill location. It also has a long-term lease to a very strong corporate credit, who has invested more than $4 million in upgrades and enhancements to the property.” He adds that core acquisition opportunities like this asset “garner an incredible amount of interest and offers.”
The property is situated within the path of growth, is near the Anaheim Platinum Triangle, and provides access to multiple freeways via the adjacent I-5 freeway.