DAUM Breaks Ground on Prime Panattoni Development Site in Orange County, CA

  

Rendering of Planned Orange County, CA Development Center

 ANAHEIM, CA and PLACENTIA, CA – DAUM Commercial has announced the groundbreaking of a new industrial development - Orange County Commerce Center - comprised of four buildings totaling 232,000 square feet on the border of Anaheim and Placentia, California, on behalf of its Client, Panattoni Development Company, Inc.

Chris Migliori

Panattoni, the developer of the project and one of the largest privately held, full-service development companies in the world, is developing this property in partnership with Principal Real Estate Investors.

Panattoni acquired the 10-acre land parcel, a rarity in the Orange County market, in 2017, according to DAUM’s Chris Migliori, who directed the sale.

Migliori, Executive Vice President in DAUM’s Orange County office, has been retained as the exclusive listing agent, and will be marketing the buildings for lease in the months ahead. The four buildings range in size from 47,813 square feet to 69,882 square feet.

“This is the ideal time to bring a product of this scale to market,” says Migliori, noting that of the 234 million square feet of existing industrial assets in the Orange County market, a relatively small amount is Class A product.

“Industrial demand heavily outweighs supply in the Orange County market, and investor appetite remains strong. By introducing a high-quality, Class A asset into this supply-constrained market, Panattoni has the opportunity to attract high-grade industrial tenants and investors alike, resulting in what we anticipate will be a rapid lease-up.”

Migliori points to Orange County market fundamentals and Panattoni’s proven track record in industrial development as key indicators in the success of this project.

            “This is a seasoned developer with tremendous expertise delivering first class commercial real estate assets to markets throughout the U.S.,” Migliori explains.

“This new project will be no different. The development will feature high-quality construction and in-demand industrial amenities that will benefit the supply-constrained Orange County market, making this a rare opportunity for industrial investors.”

The Orange County industrial market continues to demonstrate strong demand, with Q1 2018 posting an extremely tight vacancy rate of 1.5 percent and average asking rents that increased 5.8 percent year over year, according to Migliori.

Further, construction activity decreased during the quarter, signaling more rent growth ahead, he notes.

“The county’s fundamentals are exceptionally strong for industrial investment,” he says. “As demand continues to outpace supply, we expect an additional 4 to 6 percent increase in industrial rents in 2018.”

The development will feature state-of-the-art construction, with each building offering two stories of executive office space, 30’ minimum warehouse clearance, ESFR sprinkler systems, both dock high and grade level loading, and fully secured concrete truck courts.

The new development will also benefit from its close proximity to five major freeways (Interstate 5, State Routes 91, 57, 55 & 241 Toll Road) while providing direct access to the Ports of Los Angeles and Long Beach, which recorded their highest-ever container traffic in 2017 with a total of 16.89 million TEUs.

The project broke ground in late April and construction is expected to be completed in early first quarter 2019. The development is located at 711 & 721 S. Van Buren Street, Placentia, California and 1365 & 1367 S. Van Buren Street, Anaheim, California.

For more information, please contact:

Elisabeth Manville / Lindsay Mackay

Brower Group

(949) 955-7940

emanville@brower-group.com

www.daumcommercial.com.

www.panattoni.com.

orangecountycommercecenter.com.