Single-Tenant SoCal Industrial Asset Changes Hands
- Jun 18, 2019
After recently selling a 73,000-square-foot asset in Poway, Calif., Sentre has sold a 56,190-square-foot industrial site within Orange County’s John Wayne airport area. Alere Property Group purchased the property for $11.4 million.
Located at 15201 Woodlawn Ave. in Tustin, Calif., the industrial building is within 3 miles of the interchange of Interstate 5 and Costa Mesa Freeway. The property is within 5 miles of downtown Irvine and Santa Ana, as well as John Wayne airport.
Precision Services Group, a full-service marketing, production and distribution company, is the sole tenant of the facility. Previously, the property served as a regional distribution location for a popular tea and juice brand. The previous owner originally acquired the property as a land parcel and built the on-site beverage distribution facility in 1985.
Newmark Knight Frank’s Executive Managing Director Scott Read represented the seller in the transaction, while the buyer represented itself.