AEW Capital Management has sold a 130,925-square-foot industrial facility at 2929 E. Imperial Highway in Brea, Calif., for $53.7 million, according to CommercialEdge information. JIAHERB acquired the Class A asset.
The botanical extracts manufacturer paid about $410 per square foot for the Class A warehouse, the same source shows. The firm’s California office is less than 5 miles away.
The Orange County facility is just off Highway 90. Downtown Los Angeles is within 35 miles northwest while Los Angeles International Airport is 40 miles away. The warehouse is also close to 701 S. Sally Place, one of AEW’s other logistics centers in the market.
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Rising on almost 6 acres, the 2023-completed building has 11 dock-high loading doors and one drive-in door, as well as 32-foot minimum ceiling heights. The last-mile facility also has an almost 5,000-square-foot, two-story office area and about 150 parking spaces.
Orange County prices still above national average
Orange County’s industrial investment volume clocked in at $527 million year-to-date as of April, ranking sixth nationally, according to a CommercialEdge industrial report. Assets traded for $292.6 per square foot on average, well above the $129 national threshold. Only Los Angeles properties traded for more ($300.3 per square foot).
In one of the largest deals in the area this year, The Walt Disney Co. acquired 1601 E. Cerritos Ave., a 401,302-square-foot distribution center in Anaheim, Calif. Sares-Regis Group sold the asset for $124 million, the same source shows.
Other notable transactions included New York Life Real Estate Investors’ acquisition of 3300 E. Birch St. for $92.1 million. AEW Capital Management was the owner of that 218,968-square-foot asset as well.
