IRVINE, Calif. –– Cushman & Wakefield announced that 14451 Myford Rd, a brand new 219,827-square-foot Class A industrial/logistics project nearing completion in Tustin, California has been fully preleased to an undisclosed tenant. The freestanding single-tenant building is owned and being developed by the joint venture of Panattoni Development Company and Link Logistics Real Estate.
Cushman & Wakefield’s Rick Ellison, SIOR, Randy Ellison and Kyle McGillen represented the landlord in the transaction.
“14451 Myford is a best-in-class industrial project strategically located in Orange County, convenient to the Ports of Long Angeles and Long Beach, the busiest port complex in North America, an extensive freeway network, two major airports John Wayne and LAX, and a massive population center,” said Executive Vice Chairman Rick Ellison. “We are extremely excited to have secured a strong tenant at this project well prior to completion, which is further indicative of the robust demand we continue to see from occupiers seeking high quality, highly functional, and well-located industrial space in the very tight Orange County/Greater Los Angeles markets.”
14451 Myford Rd consists of a freestanding 219,827-sf building with a two-story ±8,950-sf office, 36’ minimum clear height, skylights, ESFR sprinkler system, 47 dock doors and 2 grade doors, ample auto and trailer parking, 132’ truck courts that is fenced and gated, and 100% concrete paving. The property is located at the nexus of Interstate 5 and CR 261 and sits in close proximity to Interstate 405 and SR-55 and the John Wayne Airport.
According to Cushman & Wakefield’s latest Q2-2022 industrial market report, Orange County maintained a tight vacancy rate of just 1.5%. New leasing activity picked up in the second quarter totaling 2.6 million square feet (msf) compared to 2.2 msf in Q1 2022.