PennySaver HQ in Brea Acquired by Intercontinental Real Estate Corporation
- Apr 10, 2015
The current headquarters of PennySaver USA Publishing LLC recently traded hands in a deal arranged by real estate company HFF. The property is located in the North Orange County Brea/La Habra submarket, southeast of Los Angeles. The selling entity, a joint venture between Cohen Asset Management Inc. and American National Insurance Company, was represented by HFF.
Buyer Intercontinental Real Estate Corporation acquired the property free and clear of existing debt for a total of $14 million. The HFF investment sales team working on the deal was led by Senior Managing Director Anthony Brent and Managing Director Ryan Martin.
According to Anthony Brent, “the investment provided significant inflation adjusted rent growth and stable long-term cash flow.” Brent also noted that the asset’s stability in terms of occupancy and its Brea location meant that the asset was highly sought. The property is an important addition to the buyer’s current SoCal industrial real estate portfolio.
2830 Orbiter Street is a 101,420-square foot corporate headquarters building that sits on a lot totaling 6.59 acres. The property offers a mix of office and industrial space, with 49,351 square feet equipped for manufacturing, assembly and distribution purposes. The only tenant at the property is PennySaver, who occupies the entire asset. The company’s weekly pamphlet, web-based advertising systems and salesforce operations are located at the property.