March and April brought a flurry of transactions for Colliers senior EVP Clyde Stauff. In the past 30 days, the industrial specialist closed four deals. (It takes us that long to decide on four shirts.) The theme of these deals, he says, is value-added real estate.
All are well-located properties with long-term upside potential, bought by people with capital and strong track records, he says. The spring shower culminated on Monday with a $10.8M land sale: 5.7 acres at 8925 E Orangethorpe Ave in Buena Park. The buyer, LA-based Borstein Enterprises, plans to develop townhomes. The City has approved a change in use from the existing AT&T call center. (AT&T might stay and renew, which would be fine with the buyer and fine with anyone who wants to argue about why their service keeps dropping in stairwells.) Clyde brokered the deal on behalf of both the buyer and seller, a private family trust.
Clyde also repped Lotus Real Estate and TriGate Capital in the purchase of 4031 Via Oro in Long Beach, a former Charter Communications building. The new owners plan to renovate and market the building as creative office space. DTZ's Scott Becket negotiated for the seller. Meanwhile, a JV of Lincoln Property and Morgan Stanley Real Estate Fund sold Garey Tech Center in Pomona, a 135k SF facility leased to aerospace and defense contractor Hamilton Sundstrand. Clyde was part of a Colliers team including capital markets pros Bret Hardy and Rick Putnam and Commerce-based EVP Tony Phu that repped the sellers in the $16.5M investment sale. He also repped the buyers with Voit's Mike Hartel and Mike Bouma.
Last fall, Clyde leased the 305k SF Sorensen Distribution Center in Santa Fe to a 3PL company, having brokered the development site's purchase and sale twice in 2012. (After holding up this sign for almost two years, you can imagine the definition in his deltoids.) Clyde also repped LA-based Garfield Developments in the $14.8M acquisition of a warehouse at 12101 Western Ave in Garden Grove. Plans are to refurbish the 125k SF facility and re-lease it. Kidder Matthews' Todd Clarke and Voit's Peter Castleton repped the seller. Clyde visited the Panama Canal last year as a member of Colliers' Logistics & Transportation Solutions team, but at home, his favorite hobby is barbecuing for his family.