CBRE arranged the sale of Alcalde Business Center, a three-building, multi-tenant industrial business park in Laguna Hills to a private investor for $13.95 million. Mark Shaffer, Anthony DeLorenzo and Gerard Poutier of CBRE represented the 1031 exchange buyer while Michael Longo of CBRE represented the seller – an Irvine-based real estate investment firm.
Located at 23151 Alcalde Dr., this 37,318 square foot property was originally constructed in 1978 on a 2.46 acre lot and is currently 78% occupied by 14 tenants with short term leases and rents below market value offering significant near term upside potential as well as long term appreciation given South Orange County’s increasing industrial rental rates expected to continue into 2023 according to Shaffer. The asset is less than one mile from I-5 providing easy access throughout Southern California for its occupants
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