A completely rented, 300,000-plus-square-foot industrial building in Southern California was sold by a major insurance company for $32.5 million.

AEW Capital Management acquired a 307,781 square-foot industrial building in Foothill Ranch, Calif., for $32.5 million on behalf of one of its institutional clients.  Voit Commercial Brokerage represented both AEW as the buyer and Northwestern Mutual Life Insurance Company as the seller.

“In a market where property values continue to increase due to low vacancy rates, we were able to identify an excellent investment opportunity for the buyer, AEW,” said Louis Tomaselli, senior vice president of Voit Commercial Brokerage’s Anaheim Metro office.

The industrial building, located at 50 Icon in Foothill Ranch, Calif., was 100 percent leased at closing to two tenants, Hampton Products and Uline. Hampton Products, an international provider of a wide range of residential hardware, lighting and travel security products, occupies 160,000 square feet.

Uline, a distributor of shipping, industrial and packing materials to businesses throughout the United States, occupies the remaining 147,781 square feet.

AEW provides real estate investment advisory services to investors worldwide, including leading private and public retirement programs, foundations, endowments and private investors.

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