IRVINE, Calif., Feb. 04, 2019 (GLOBE NEWSWIRE) -- Sperry Commercial Global Affiliates today announced the sale of an industrial property in Santa Fe Springs, Calif. The 240,000 square-foot property, which includes four warehouses and a one-story office, was acquired by Brookfield Properties of Canada. The sale was a joint-venture between Irvine-based Sperry Equities and a local family foundation, and the transaction was brokered by Sperry Commercial Global Affiliates and JLL.
The property, known as Colonnade Business Park at 9720 Norwalk Boulevard, was purchased in 1997 for $13 million and sold in January 2019 for $45.5 million. The property’s Southern California location was a point of interest in the sell, as it expands Brookfield’s industrial footprint in the region.
“Sperry Commercial Global Affiliates is in the market doing large deals,” said Rand Sperry, CEO of Sperry Commercial Global Affiliates. “We had never seen sub-five caps in Southern California, for an industrial asset. This 30-year old property selling for $45.5 million tells us the market is hot and that there’s a huge demand for industrial real estate.”
“This was a terrific profit for our investors,” said Burton Young, principal of Sperry Equities. “Due to the fact that the initial investment was returned within the first five years of ownership, it’s difficult to calculate the return, but it would definitely be over 50 percent per annum. The cash flow over the 20 years was greater than what was paid for the property, so the entire $45.5 million is profit.”
This was a strategic transaction for Sperry Equities as not many industrial business parks are common in the area. The four warehouse buildings at Colonnade Business Park can accommodate multiple tenants and drive business in the region.
About Sperry Commercial Global Affiliates, LLC: Sperry Commercial Global Affiliates, LLC offers the highest level of commercial real estate services available through thoughtful, cooperative, and ethical practices. The firm is headquartered in Irvine, CA, and combines more than 200 sales professionals and 38 affiliate operations across 40 offices throughout the United States. Unique to Sperry Commercial Global Affiliates, LLC are a system of tools for affiliates that include a comprehensive real estate intranet and transaction management platform named Sperry CENTRAL and a custom designed marketing support software system called SperryLINK, among other immediate industry advantages. For more information, visit www.sperrycga.com.
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