Newmark Grubb Knight Frank (NGKF) has completed the $4.2 million sale of a 24,128-square-foot industrial warehouse building near Jamboree and the 5 Freeway in Tustin, CA.
Built in 1976 and located at 14401 Franklin Ave., the buyer plans to use the space for general industrial and distribution purposes and will renovate it for use as an industrial warehouse building.
“Historically low inventory levels for Orange County industrial product combined with an aggressive marketing campaign resulted in a number of offers on this asset,” said Byron Foss, managing director with the Newport Beach office of NGKF. “We identified a buyer that offered terms favorable to the seller which included a quick, 30-day all-cash closing.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.