(EDITOR’S NOTE: According to a source familiar with the transaction, the property was purchased for $114 million, or approximately $285 per square foot.)
OAK BROOK, IL – CenterPoint Properties has acquired a three-building industrial park in infill Orange County, CA. At 2701, 2711 and 2721 S. Harbor Blvd. in Santa Ana, CA, the regional distribution properties combine for nearly 400,000 square feet on more than 20 rectangular acres.
“The opportunity to acquire a scale of quality product in an infill market like Orange County is extremely rare,” said Evan Lippow, CenterPoint Properties’ Senior Vice President of Investments. “As a long-term investor, CenterPoint’s investment strategy focuses on functional assets that have intrinsic land value, which presents future optionality,” Lippow concluded.
The existing buildings are generally lower coverage, affording tenants above-market parking for approximately 650 vehicles. The location makes it ideal for regional distribution, with excellent access to interstates like the I-405 and John Wayne Airport – both are mere minutes away – and proximity to the Ports of Los Angeles and Long Beach.
“This multi-tenant park is high-quality product that, due to the location and abundance of parking, should perform well long term,” said Ashley Vanacore, CenterPoint’s Investment Officer. “Industrial demand in Orange County figures to remain high thanks to the strategic access it offers companies to a dense population with a considerably higher median income than the national average,” Vanacore added.
Rob Socci from Voit Real Estate Services and John Griffin from Cushman & Wakefield brokered the transaction.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.
