Newmark Grubb Knight Frank (NGKF) has completed the sale of 3545 Cadillac Avenue in Costa Mesa, Calif. The 48,796-square-foot, two-tenant industrial property was sold by a Los Angeles-based family trust for $6 million ($122.66 per square foot) at a cap rate of 5.6%. The buyer was Newport Beach, Calif.-based Myers-Erickson Properties.
NGKF Executive Managing Directors Jeff Read and Scott Read represented the seller. NGKF Managing Director Nick Carey, Senior Managing Director Wade Tift and Managing Director Byron Foss represented the buyer.
“Myers-Erickson Properties capitalized on a unique opportunity to purchase a fully leased, functional property that met its specific criteria and is located within its highest geographic concentration of ownership. 3545 Cadillac is a great addition to its impressive industrial portfolio,” said Mr. Carey.
“The seller took advantage of very strong industrial market fundamentals in Orange County in selling the Cadillac Avenue property at this time,” said Mr. S. Read. “With limited availability of product, there is tremendous demand for industrial leased investments. The mid-5% cap rate reflects these strong dynamics.”
NGKF has had a strong showing in the Airport Area industrial market, closing three sales transactions in the past three months. 1675 MacArthur Blvd and 265 Briggs Avenue were purchased by NGKF clients in the second quarter of 2013.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.