Friday, March 25, 2011
Grubb & Ellis Represents Joint Venture of Alliance Commercial Partners and CarVal Investors in $23.1 Million Receivership Purchase
NEWPORT BEACH, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Scott Read, senior vice president, Industrial Group, represented a joint venture between Alliance Commercial Partners and CarVal Investors LLC in the purchase of 2001 E. Dyer Road, a 366,000-square-foot industrial building in Santa Ana.
The property was acquired out of receivership from Taylor B. Grant of California Real Estate Receiverships, the receiver of the asset, for $23.1 million.
“This transaction represented an excellent opportunity for Alliance/CarVal to acquire a large industrial property at a significant price reduction,” said Read.
“Available industrial properties of this size are hard to come by in Orange County and following the completion of the renovations/enhancements to the building that Alliance has already commenced, the property is expected to draw in significant interest from local and regional industrial companies.”
The buyer has selected Grubb & Ellis to immediately market the property for lease and sale. On a lease basis, the building can accommodate a single large corporate tenant or be divided for smaller tenants down to 100,000 square feet of space.
The distribution/manufacturing building offers 31 dock-high loading doors and 11 drive-in doors, large, secured loading/yard areas, ample parking, and the potential for heavy power. The building also includes approximately 50,000 square feet of existing two-story corporate office space. The property is located across the street from the planned Tustin Legacy Re-Development project and offers easy access to State Route 55 and Interstates 405 and 5.
“This acquisition was in line with our investment strategy to acquire distressed assets at prices significantly below replacement cost,” said Bob O’Neill, director of Acquisitions for Alliance Commercial Partners’ Irvine office.
Bill Welch of California Real Estate Receiverships marketed the property on behalf of Grant.
Contact: Julia McCartney, Phone: 714.975.2230