Principal Financial Group Sells Fullerton Industrial Property to Its Occupier, Future Foam, for Record-Breaking $145M
Principal Financial Group makes hefty profit selling industrial property to occupier for record-breaking price.
A subsidiary of Principal Financial Group, a leading global financial investment company, has made a killing in the real estate market with the recent sale of an industrial property in Fullerton to its own occupier, Future Foam. The family-owned foam maker purchased the facility, sitting on 17 acres at 1050 S. State College Boulevard, for a jaw-dropping $145 million, according to records dated earlier this month. This means that Future Foam paid nearly $700 per square foot for the 210,000-square-foot property, setting a new record for industrial property sales in Orange County.
This is not the first time Principal Financial Group has made a lucrative deal with this particular property. In 2022, the investor acquired 1050 S. State College Boulevard from Oltmans Investment Company for $52.6 million, about a third of the price they just sold it for. This initial acquisition was already the priciest industrial sale in all of Orange County for the fourth quarter, according to a Kidder Mathews market report at the time.
It seems that Principal Financial Group has mastered the art of flipping properties, especially with the current hot market for industrial real estate. Their quick turnaround and massive profit from this sale only further solidify their reputation as a savvy and successful investor in the industry.
While Principal Financial Group celebrates their impressive financial gain, some may question the ethics of selling a property to one's own occupier at such a steep price. However, as they say, "money talks" in the world of real estate, and it seems that Principal Financial Group is more than happy to let their money do the talking.
Originally reported