Bank of America has sold a 64,318 sq. ft. industrial warehouse for $4.3 million in Cerritos, Calif. in a real estate owned (REO) transaction. The buyer, 16205 Distribution Way LLC, is a wholesaler of teas and spices that had previously been headquartered in a 14,000 sq. ft. industrial building in Santa Fe Springs. The wholesaler is expanding its business with the move and will fully occupy the building.
Sitting on three acres of land, the building includes 11,234 sq. ft. of office space and 11,000 sq. ft. of research and development space. The property is located close to the 5, 91 and 605 freeways. Voit Real Estate Services represented the seller in the transaction, and Grubb & Ellis represented the buyer.
“The Voit team helped the seller to navigate through several property restrictions, including a conditional use permit and limitations on hours of operation,” says Cameron Driscoll, senior vice president in Voit’s Anaheim office. “Ultimately we were able to overcome these issues and effectuate a successful transaction for the seller.”
Based in Newport Beach, Calif., Voit has owned, developed and managed more than 45 million sq. ft. of commercial real estate, participated in $1.35 billion of construction projects and completed over $33 billion in brokerage transactions since its founding in 1971.