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New York Life Insurance Co. has acquired a 218,648-square-foot distribution facility in Brea for $92 million, according to Newmark Group Inc. and CoStar data.
The seller was Boston-based AEW Capital Management. The sale closed on Jan. 25 with the property changing hands for at $421.22 per square foot, according to CoStar.
The property, known as Birch Commerce Center, is located at 3300 E. Birch St. It was built in 2016 and is currently leased to tenants including South Korean beauty products manufacturer Amore Pacific and air conditioner maker Whynter LLC.
According to public records, the grant deed lists the buyer as Reep-Ind Brea CA LLC, whose address is registered at 50 California St., #2100, San Francisco—the same address as New York Life Insurance Co.
Newport Beach developer Western Realco was listed in CoStar as the industrial building’s developer.
“Birch Commerce Center is a best-in-class logistics facility in one of Southern California’s most competitive industrial markets,” Bret Hardy, a managing director at Newmark, said in a statement. “The high-quality construction, modern functionality and prime location contributed to the strong institutional interest in this opportunity.”
The deal was brokered by Newmark’s Hardy, Jim Linn, Andrew Briner, Aaron Banks and Kevin Shannon.
Jeff Read, Scott Read and Greg Osborne, also with Newmark, are the building’s leasing agents.
Birch Commerce Center is fully leased to two tenants, Amore Pacific and Whynter. The distribution facility offers 32-foot clear heights, 21 dock-high loading doors and a fully fenced concrete truck court, among other features.
The property also includes a two-floor corporate office area spanning 6,780 square feet with the potential for expansion, according to Newmark’s marketing materials.