58,760sf Industrial Flex Building Goes for $16.5 Million in Lake Forest Property Sale
The Panasonic Avionics building located at 26211 Enterprise Way in Lake Forest, sold for $16,500,000 earlier this month. A Beverly Hills real estate investment and development company, New Pacific Realty Corporation, is the new property owner.
The Buyer
$280.80 per square foot was the final value for the nearly-60,000sf commercial property. This is a significant per square foot price for a building of this large size. However, New Pacific Realty Corporation is no stranger to big numbers, being a regular player in massive investment deals. In 2007 they sold a Los Angeles retail project for half a billion dollars.
The History
The Lake Forest property last traded hands in 2012 for $222.09 per square foot. The previous owner was a private family trust. In 2012 the CAP rate was 7.65%. Today it sits at 6.30%, still a great find in the competitive and expensive South Orange County markets.
The Tenant
Panasonic will remain as the tenant in the complex. They have leased this facility since 2005. Constructed in 1999, this industrial property has a huge business footprint in Lake Forest. The property has two dock-high loading doors, two over-sized ground-level loading doors with drive-in ability, nearly 200 parking spaces, 24ft loading clearance, and sits on 3.8 acres of Orange County land.
Update provided by Jim Wynne’s Team at Kidder Mathews.
