Silicon2 has picked up two office and industrial buildings in Buena Park for $53.3 million, or $12.3 million more than they traded for two years ago.
The South Korea-based distributor of K-Beauty cosmetics with a West Coast hub in Santa Fe Springs bought the two-building complex at 5530 Beach Boulevard and 5609 River Way, the Orange County Business Journal reported.
The sellers were Los Angeles-based Staley Point Capital and Bain Capital Real Estate of Boston.
The deal for the 9.2-acre office and industrial property with a combined 183,000 square feet works out to $291 per square foot.
Staley Point and Bain bought the buildings in 2022 for $41 million, or $224 per square foot, according to the Business Journal. The recent sale includes a mark-up of 30 percent.
The buildings were last occupied by supplement maker Nutrilite, whose parent company, Amway, has other local facilities.
Silicon2, founded in 2002 by Jason Kim, distributes Korean beauty products to more than 100 countries around the world, with U.S. offices and logistics centers in California and New Jersey, according to its LinkedIn page. OC is home to a large base of cosmetic distributors, including Arbonne and Senegence.
While Staley Point and Bain sold their Buena Park portfolio, they recently bought SoCal warehouses in the San Fernando Valley and elsewhere in OC. The duo paid $43 million for a property in Chatsworth and another in Fullerton.
— Dana Bartholomew
Read more
Commercial
Los Angeles
SITE Centers sells Buena Park mall for $53M
Commercial
Los Angeles
Buchanan Street snags industrial campus in Buena Park for $71M
Residential
Los Angeles
Merlone Geier envisions 1,300 homes at former Sears in Buena Park