675 S. Placentia Ave., Fullerton
Address: 675 S. Placentia Ave., Fullerton, CA
Description: 127,375 Sq. Ft. Industrial Building
Lessor: BB&K / Fullerton Industrial Properties Inc. (a subsidiary of Bailard)
Lessee: CJ Foods Manufacturing Corporation
Assignment: Represented a private seller in the disposition of a Class A distribution / manufacturing building.
Result: Secured a ten year lease renewal with CJ Foods Manufacturing Company. The Hefner Vernick Team was able to work on behalf of both of Bailard and CJ Foods in renewing the lease two years prior to the tenant’s original lease expiration at a premium effective net rate of $1.36 PSF NNN over the term, generating a total consideration of $21,282,520. The early lease renewal allowed the ownership to facilitate a refinance of the asset. The building, part of a larger 254,750 sq. ft. industrial facility, will continue to serve as a food production and distribution hub for CJ Foods.