Craig DeSanto Of New York Life Acquires Birch Commerce Center In Brea For $92.1M

The industrial property located at 3300 East Birch Street in Brea, CA, spans 9.78 acres and has a total square footage of 218,648. It was acquired by New York Life for $92.1 million, equating to $421 per square foot. This Class A facility was built in 2016 and is fully leased, featuring modern facilities with above-market rents. Despite a challenging market with increasing vacancies and slowing rent growth, the property offers a 5.84% Year 1 cap rate.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $92,100,000
• Address: 3300 East Birch Street
• Market: Brea
• Acres: 9.78
• Square Footage: 218,648
• Price per Square Foot: $421
• Buyer: Craig DeSanto - New York Life
• Seller: Vance C. Mape III & Gary M. Edwards - Western Realco; Jonathan Martin - AEW
• Brokers: Aaron Banks, Andrew Briner, Bret Hardy, Jeffrey M. Read, Jim Linn, Kevin Shannon, Scott Read & Greg Osborne - Newmark
• Mortgage Brokers: Alethia Halamandaris, Bill Fishel & Wyatt Strahan - Newmark

The acquisition involved notable professionals in the brokerage sector, including multiple representatives from Newmark who facilitated the transaction. This transaction showcases the collaboration between various key players, highlighting their roles in a significant deal within Orange County's industrial market.