The sale of the property, which attracted multiple offers, is one of a number of deals that underscore increased activity in the industrial sector in North Orange County, according to Ian Britton
, one of a team of CB Richard Ellis brokers who represented the Knott Family Co.
in the transaction.
Built in and owned by the Knott family
since 1985, the building sits on 12 acres at 200 Boysenberry Lane and served as the production facility for Knott's jams and preserves for over 15 years.
The highly specialized facility has a long history of jam production, first by Knott's
and later by Conagra
and Smuckers, according to Britton
, whose CBRE partners
in the approximately $10.3 million sale were Ben Seybold and Art Rasmussen.
Britton of CBRE says that the building was originally marketed to food related users throughout the US.
Given its specialized improvements, heavy power, extensive sewer capacity and rail service, he
says that Western Realco
was ultimately selected as the buyer after review of multiple offers made by both investors and users.
"This multiple-offer competition and sale confirms that investment capital for well-located industrial buildings is back in the market as investors continue to compete with one another for very few opportunities," Britton
This sale, along with two other recently completed lease transactions in North Orange County above 100,000 square feet, will take over 600,000 square feet of industrial space off market this quarter, he
"This is the most activity we have seen above 100,000 square feet in over two years and suggests that the market is stabilizing," Britton