NAI Capital Commercial SVP Steven Ehrich with the Investment Services Group in Orange County negotiated the sale of an Anaheim industrial building, totaling 26,620 square feet. Ehrich represented the seller, a charitable foundation, in a rare transaction involving a donated industrial asset. The building sold for $6,842,000.

This multi-tenant industrial building is located in the North Orange County/Anaheim Canyon industrial submarket at 1441 N. Red Gum St. At the time of sale, the 12-unit property was 100% leased to six tenants.

Ehrich said, “The seller and donor saw this highly appreciated asset as an appealing opportunity to sell at rare value; and at the same time give back to the community.  This multi-tenant industrial building was available for the first time in over 30 years and generated an extreme amount of buyer demand. This sale will essentially allow the donor to distribute the proceeds to charitable nonprofit organizations as they direct.”

Marcus & Millichap closed the sale of Le Chateau Apartments, a 76-unit apartment asset in Anaheim. The property sold for $27.45 million, or $361,184 per unit.

“On the market for the first time in more than 40 years, Le Chateau is located in a submarket with the tightest multifamily vacancy rates for Class A and Class C assets in the country and on the West Coast, respectively,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. 

“We closed the transaction in 23 days with a multifamily investor in a 1031 exchange who captured significant equity from the sale of a Las Vegas property,” said Drew Holden, first VP investments. “In the current economic environment, the buyer was attracted to the low vacancy rate and stable rent growth found in the Orange County apartment market.”

Leeson and Marcus & Millichap’s Matt Kipp and Nicholas Kazemi represented the undisclosed seller. Holden procured the buyer.

Built in 1964, the property is located at 1670 W. Broadway in West Anaheim, close to Interstate 5 and State Route 91, which connect residents to employment hubs throughout Southern California.