Buena Park, CA (November 1, 2023) –Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, acquired Village Business Park, a 5-building, 301,328 SF multi-tenant industrial park in Buena Park, California. Buchanan is purchasing the project, at 7050-7150 Village Drive, from a Boston-based fund manager for $71,000,000.
This project currently boasts a 99% occupancy rate with rents well below market. Buchanan Street Partners was attracted to this investment because it offers strategic optionality – we can increase rents to market rates and choose from multiple exit strategies, including selling to investors or owner-users due to the buildings being on separate parcels.
The 16.2-acre site is strategically located within the Mid-Counties submarket with I-5 frontage and SR-91 less than 2 miles away. Major tenants at Village Business Park include MASH Studios, Camel Grinding Wheels and Hochiki America.
“We are excited to add Village Business Park to our growing Orange County investment portfolio. The infill industrial buildings sit within one of the tightest industrial submarkets in the country and provides us with great optionality in order to create value for our investors,” said Matt Haugen, Senior Vice President of Buchanan Street Partners.
Darla Longo, Barbara Perrier and Rebecca Perlmutter Finkel with CBRE represented the seller in the transaction. Val Achtemeier with CBRE sourced the debt for Buchanan.
ABOUT BUCHANAN STREET PARTNERS, LP
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial and multifamily properties as well as providing loans as a direct lender through an affiliate. Having invested in over $8 billion worth of real estate assets in its 24-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com