Business Services Industry
California industrial/flex property
Real Estate Alert, June 2, 2004
Layton-Belling & Associates paid $41.5 million, or $93/sf, for Village Business Park, a 445,000-sf industrial/flex park in the Orange County, Calif., community of Buena Park. The price brings an initial yield of 7.5%. Village Business Park, located at 7000-7150 Village Drive, off the 5 Freeway, consists of seven buildings, with roughly equal amounts of industrial, R&D and office space.
The seller, Teachers Insurance, assumed the complex through foreclosure in 1991. Secured Capital brokered the sale.
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