A joint venture recently paid $46.5 million for a 366,629-square-foot industrial facility in Santa Ana, Calif.

Locally based developer Greenlaw Partners and Commonfund Realty Inc. bought the property from First Industrial Realty Trust.

The property, located at 2001-2007 E. Dyer Road, is located with the Irvine Business Complex, a development that features more than 18 million square feet of office space and approximately 30 million square feet of research and development and industrial facilities.

First Industrial acquired the facility in December 2006, with the goal of repositioning the property to serve businesses seeking larger high-quality industrial space, according to a press statement.

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