Cushman & Wakefield Reps Home Linens Manufacturer in Disposition of 14 Vanderbilt
ORANGE COUNTY, October 9, 2018 – Cushman & Wakefield (NYSE: CWK) announced today the sale of 14 Vanderbilt, an 18,277-square-foot (sf) industrial building in Irvine, CA.
Owner/user Safah International, Inc., a manufacturer of home linens, sold the property to Grandjack, LLC for $239 per sf or approximately $4.37 million. Brokerage professionals Don Yahn, Brett Swartzbaugh, Tim Pimentel, and Jevan Snead from Cushman & Wakefield represented the seller in the transaction. The buyer was represented by Tony Lochhead and Joe Winkelman at Colliers International.
Built in 1985 and extensively renovated by Safah International, 14 Vanderbilt is a single-tenant industrial warehouse featuring one dock high truck well, two grade-level loading doors, warehouse skylights, a .21 fire sprinkler rating, and 22-foot warehouse clearance that features 3,850 sf of office space. The property is located just off Jeronimo Road and Bake Parkway and offers excellent access to both the I-405 and I-5 freeways.
“South Orange County is experiencing historic lows with sub 2.0% market vacancy for industrial product, pushing up rental rates and property valuation,” said Director Brett Swartzbaugh. “With demand for warehouse space remaining strong, the property, which was completely refurbished by Safah International during their ownership, was seen as a highly desirable asset in the Irvine Spectrum submarket.”
The overall vacancy rate for Orange County was at a historic low of 1.7% as of third quarter 2018, according to Cushman & Wakefield research.
In 2015, Cushman & Wakefield represented Safah International in the acquisition of 14 Vanderbilt for $173 per sf.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.