Lincoln Property Co., a Los Angeles-based commercial real estate firm, and Artemis Real Estate Partners have acquired 2164 N. Batavia St., a 250,000-square-foot Class A industrial facility in the city of Orange for $70 million, or $282 per square foot.
The property has been leased as the headquarters for the packaging supply company Paper Mart. Originally built in 1995, it previously served as home to liquor distributor Young’s Market Company. The seller and Paper Mart ownership entered into a 12-month sale leaseback upon closing.
The modern industrial facility boasts state-of-the-art features, including 36-foot clear heights, 35 dock-high loading doors, skylights and ESFR sprinklers as well as above-standard on-site space and parking.
“This joint venture with Artemis advances Lincoln’s strategy to expand our Class A industrial footprint in one of the nation’s most supply-constrained, high-demand markets,” said Parke Miller, executive vice president at Lincoln Property Co., in a statement.
The acquisition is the first joint venture between the partnership in more than a decade. Over the next year, the new ownership will improve the property and then lease the space to a new tenant. Lincoln will handle property management.
Information for this article was sourced from Lincoln Property Co.
