SCOTTSDALE, ARIZ. – DAUM Commercial Real Estate Services has directed the sale of a 16,900 square-foot building, featuring office space and an airport hangar, on 1.4 acres of land in the Scottsdale Airpark submarket of Scottsdale, Arizona, on behalf of both the buyer and the seller.
Airport Hanger Property
DAUM’s Executive Vice President and Phoenix Co-Branch Manager Kirk Jenkins represented the buyer, Scottsdale Airpark, LLC. Executive Vice President Steve Bodeman represented the seller, Kachina Investments, LLC, in the off-market transaction.
“This was a rare opportunity for the buyer to bolster their portfolio with a signature acquisition in a premier greater Phoenix area location,” explains Jenkins, noting that Scottsdale Airpark is seeing an influx of new construction, and thriving companies in the submarket are anticipated to add a significant number of jobs in the coming months. “In addition to establishing a foothold in the Scottsdale Airpark submarket, the new owner will benefit from strong immediate cashflow, since the multi-tenant asset is fully leased to several diverse businesses.”
The building, comprised of two stories of garden-style office space and an attached aircraft hangar, is also a prime asset due to its direct taxiway access, he continues.
Bodeman adds: “We helped Kachina Investments purchase this property in 2006. After holding the property for more than a decade, the firm strategically determined to sell in order to capitalize on increased market demand, indicated by post-recession-low vacancies.”
He notes that the building, which was originally constructed in 2000, has been very well maintained and both the exterior and interior were recently painted. This was appealing to the buyer and helped secure a competitive price for the seller, compared to other properties of this vintage in the submarket.
“While this was a win-win for both parties, as with any transaction, the process required strategic negotiations,” Jenkins says. “DAUM’s long-standing relationships with both the buyer and seller, as well as our deep knowledge and experience in the submarket, uniquely positioned us to bring everyone together and come to a satisfying conclusion.”
The building is located at 16009 N. 81st Street in Scottsdale, Arizona. The total purchase price was approximately $3.3 million.
ScottsdaleCommercial Executive Magazine: http://cem-az.com/airport-hanger-property/
Phoenix Business Journal: https://www.bizjournals.com/phoenix/news/2019/08/18/deals-of-the-week-boston-investor-buys-phoenix.html
Blau Journal: https://www.blaujournal.com/daum-commercial-completes-sale-of-office-and-airport-hangar-property-totaling-16900-square-feet-in-scottsdale-arizona/
Commercial Executive Magazine: http://cem-az.com/airport-hanger-property/
14.8 billion square feet. That is where industrial demand is expected to be by 2023, about 850 million square feet away from where we are today. Without a doubt, the industrial asset class continues to be white-hot with activity. Yet, there are signs of fundamentals shifting and in some markets supply appears to be finally catching up with demand. But on the whole demand looks solid for the foreseeable future.
It would seem easy, at first glance, to navigate this market. All you have to do is find an asset, buy and renovate it to meet current tenant demands. Or develop one from the ground up. Lather, rinse, repeat.
In truth, of course, it is far more difficult than that, with such things as valuation, underwriting and changing trends in the industry needing to be factored in. In fact, one could make the claim that the market is that much more difficult to navigate because activity has been so intense.
Hence our industrial influencers on the next several pages. We have chosen individuals and teams that have demonstrated their mastery of these nuances and are thriving in an active-but-complicated market.
DAUM COMMERCIAL REAL ESTATE SERVICES: DAUM Commercial has positioned itself as the champion of the core industrial sector. Founded in 1904, DAUM is Southern California’s oldest brokerage firm. For the past century, the firm has specialized in and shaped the landscape of industrial brokerage in the Southwest.
An influencer both with product and people, DAUM has worked with core industrial developers, tenants, and investors to advise, shape and lead the charge on how industrial product is positioned, marketed and sold. DAUM’s region of expertise includes the Inland Empire, the most active industrial market in the country in terms of leasing activity last year, which also saw a record number of new construction projects. The influence of DAUM is also seen in Los Angeles and Orange counties, where select in-fill submarkets are consistently posting industrial vacancies in the 1% range.
DAUM Commercial Real Estate Services provides brokerage, tenant representation, consulting, leasing, sales and property management. DAUM has 10 offices throughout Southern California and Arizona. In 2018, DAUM’s team of 140 agents completed a total of more than $3 billion in leasing and sale transactions, heavily concentrated in the Southern California and Phoenix areas–more than $2 billion of this was in industrial product.
Significant transactions from the past three years include representing buyer Black Creek Group and the seller, one of the largest US REITs, in the acquisition of a three-building industrial portfolio totaling 743,381 square feet in Colton, CA; directing the acquisition of a 200,850-square-foot distribution warehouse in Rialto, CA to global consumer goods manufacturer United Exchange Corporation, and completing the sale of a portfolio of three individual buildings totaling 149,772 square feet within a multi-tenant industrial complex in Camarillo, CA.
Working with a specific focus on industrial has allowed the DAUM team to develop a shared understanding of the industrial market. For example, DAUM recently directed the acquisition of a land parcel in the San Gabriel Valley to Dedeaux Properties and worked closely with the firm through the marketing of the project. Knowing that small industrial companies were seeking ownership opportunities in the region and finding little to none, DAUM’s team advised the developer to leverage this demand by constructing a project offering smaller for-sale buildings. The developer ultimately built the seven-building facility with for-sale buildings ranging from 27,400 to 43,200 square feet. This quickly proved to be a wise decision. Five of the seven buildings were under contract within a handful of months after the development broke ground, and DAUM attracted back-up offers on most of the units before construction was complete. The sales of all seven buildings ultimately closed within weeks of construction completion for a total consideration of $50 million.
The firm continues to invest in its next generation, increasing its total number of agents in the under-35 age range by more than 50%, and increasing production among its young leaders by more than 100% since 2014.
DAUM is an influencer in several industrial and commercial real estate organizations including SIOR, NAIOP, CCIM, ONCOR International and the American Industrial Real Estate Association. DAUM’s team also supports several community nonprofits including Habitat for Humanity of Orange County and numerous others.
DAUM Commercial Real Estate Services has completed a five-year lease of a 60,809 square-foot industrial building in Anaheim, California to Rakuten Super Logistics (RSL) on behalf of the lessor, a joint venture formed by Panattoni Development Company, Inc., and a fund represented by Principal Real Estate Investors.
The property is part of a newly complete Class A industrial development, Orange County Commerce Center. The project is comprised of four buildings totaling 232,000 square feet and is located on 10 acres on the border of Anaheim and Placentia, California.
According to DAUM’s Chris Migliori, who represented the lessor in the transaction, the new tenant—a leading eCommerce order fulfillment company—will utilize the property as a strategically located fulfillment center.
“Our ability to secure a tenant of this caliber speaks to the quality of the Orange County Commerce Center’s facilities and modern industrial amenities,” says Migliori, who notes that RSL is a subsidiary of Rakuten, Inc., a Forbes Global 2000 firm that was recognized as one of the world’s Top Regarded Companies in 2018. “With few available Class A options in Orange County for larger industrial users, projects like this are in high demand. This development provides industrial tenants with brand-new, well-appointed, and well-located space in a market with extremely tight overall vacancy rates, especially for new product.”
The building that RSL will occupy features 8,156 square feet of two-story office space located at the southeast corner of the building, 30’ minimum warehouse clearance height, six dock-high doors, one grade-level door, emergency lighting at each main exit door, 83 parking stalls, a 132’ fully secured and gated truck court, and a four-ply, built-up roof with a 10-year manufacturer’s warranty.
According to Jacob LeBlanc, Partner at Panattoni: “Orange County Commerce Center’s best-in-class features and convenient location, providing direct access to several major freeways and the ports, will complement RSL’s exceptional fulfillment services. It has been an absolute pleasure working with the new tenant and the DAUM team to negotiate a rewarding lease transaction for all parties.”
This is the second building of the Orange County Commerce Center to be leased and the transaction was finalized shortly after the completion of the development’s construction, notes LeBlanc.
The development broke ground in mid-2018, and Migliori and Paul Gingrich, both Executive Vice Presidents in DAUM’s Orange County office, successfully executed the development’s first lease before the end of last year. The tenant, a publicly traded commercial and residential roofing distributor, signed a 10-year lease for 69,882 square feet, fully occupying one of the center’s buildings.
The four buildings at the project range in size from 47,813 square feet to 69,882 square feet. With the two largest buildings leased, Migliori and Gingrich, who have been retained as the exclusive listing agents for the project, are continuing to seek high-grade tenants to occupy the two remaining buildings.
“There is strong demand and little availability in the 45,000 to 70,000 square-foot range in the North Orange County submarket, which makes the completion of this project extremely well timed,” continues Migliori, who notes that the submarket currently has a direct vacancy rate of only 2.3 percent.
The project features 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. Additional modern components include an 800-amp expandable main switchgear with 2,000-amp UGPS, and 3.0 percent skylights. Warehouses at the development feature painted interior walls, white scrim foil, painted columns, and Z-Guards on all dock-high doors.
The new development is situated in close proximity to five major freeways (Interstate 5, State Routes 91, 57, 55 & 241 Toll Road) and the Anaheim Canyon Metrolink System. The location also provides direct access to the Ports of Los Angeles and Long Beach, which recorded their highest-ever container traffic in 2018 with a total of 17.55 million TEUs.
The project also boasts several corporate neighbors, including The Walt Disney Company, Time Warner Cable, Kaiser Permanente, and PacSun, among others.
Rakuten has leased the building located at 1365 S. Van Buren Street in Anaheim, California. The three other buildings comprising the Orange County Commerce Center are located at 711 & 721 S. Van Buren Street, Placentia, California and 1367 S. Van Buren Street, Anaheim, California. More information is available at orangecountycommercecenter.com.
About DAUM Commercial
DAUM Commercial is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients throughout the U.S. DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni operates from 24 offices in the United States, Canada and Europe. Since inception, Panattoni has developed more than 330 million square feet of space. For further information, visit www.panattoni.com.
Rakuten Super Logistics has leased a 60,809-square-foot industrial building in Anaheim for five years. The facility is the first fulfillment center for the e-commerce distributor in California.
Terms of the lease were not disclosed.
DAUM Commercial Real Estate Services represented the lessor, a joint venture formed by Panattoni Development Company and a fund represented by Principal Real Estate Investors.
The building, at 1365 S. Van Buren St., is part of the newly completed Orange County Commerce Center, a Class A industrial development that is home to four buildings totaling 232,000 square feet. The complex sits on 10 acres on the Anaheim-Placentia border.
RSL’s lease includes 8,156 square feet of two-story office space at the southeast corner of the building.
Chris Migliori and Paul Gingrich, both executive vice presidents in DAUM’s Orange County office, previously signed the complex’s first lease last year to a residential roofing distributor. The roofer signed a 10-year lease for 69,882 square feet, fully occupying one of the center’s buildings.
“There is strong demand and little availability in the 45,000- to 70,000-square-foot range in the North Orange County submarket,” said Migliori in a statement.
In a press release released in February, RSL said it would open six fulfillment centers in 2019, expanding its operations to a total of 18 markets.
DAUM Commercial Real Estate Services has completed the sale of a 123,754 square-foot industrial building in the Southwest submarket of Phoenix, Arizona on behalf of both the buyer, Exeter Property Group, and seller, David Turner International, LLC.
The buyer will benefit from the property’s long-term, in-place lease to a food processing and manufacturing tenant, as well as its location within the Southwest Valley submarket, which has seen sustained rent growth over the past several years, notes Trevor McKendry, a Vice President at DAUM Commercial, who completed the sale alongside DAUM First Vice President Chris Rogers.
“THE INDUSTRIAL SECTOR IN PHOENIX HAS EXPERIENCED STRONG INVESTOR CAPITAL INTEREST AS THE CITY CONTINUES TO SEE A TREMENDOUS AMOUNT OF ECONOMIC, EMPLOYMENT, AND POPULATION GROWTH,” SAYS MCKENDRY. “THROUGH OUR LONG-STANDING CONNECTIONS AND FOCUS IN THE METRO-PHOENIX INDUSTRIAL MARKET, WE WERE ABLE TO SECURE THE DEAL WITH EXETER, WHOSE PHOENIX INDUSTRIAL PRESENCE ENABLED THEM TO QUICKLY RECOGNIZE THE OPPORTUNITY TO ACQUIRE A PROPERTY OF THIS SIZE OFF MARKET.”
The Phoenix industrial market experienced a decrease in vacancy to 7.1 percent in Quarter 1, with an uptick in new construction deliveries, and very strong activity amongst all product and tenant types, notes Rogers, citing a recent DAUM report.
This asset benefits from a prime location that offers convenient access to major freeways including I-10, I-17, U.S. 60, 101 FWY, and the South Mountain 202, which is currently under construction.
Rogers adds: “These route options ultimately provide shorter drive times to other major markets, and are considered a demand driver for the area. The property also benefits from features that are all synonymous with the functionalities of today’s user needs.”
The asset itself is situated on a fully paved 7.2-acre site and includes an air-conditioned warehouse, six dock-high and two grade-level doors, ample parking, and a clear height of 24 feet.
The property was purchased for $8.16 million. The building is located at 4502 W. Monterosa Street in Phoenix, Arizona.
Consolidated Electrical Distributors (CED) has inked a 10-year lease for a 51.5k sf warehouse property in Phoenix. The property is located at 1717 E. Rairdan Lane, within the city’s Central City submarket.
The new tenant, one of the country’s largest electrical supply distribution networks, is relocating and expanding from a 20k sf property elsewhere in Phoenix after nearly 30 years of occupancy. The new location will act as a significant Southwest hub for CED, which has grown to encompass more than 600 offices across 47 states through its 60-year history. In addition to relocating to a building that is approximately 30k sf larger its previous location, the firm plans to create 40 to 50 new jobs locally.
Sebastian Sica and Rich Sica with DAUM Commercial Real Estate Services represented the tenant in the deal. DAUM also worked closely with the tenant, landlord, and contractors to upgrade the asset, originally constructed in 1986, and optimize it for CED’s operations, notes Rich.
According to Sebastian, the private landlord previously operated a moving and logistics business at the location and recognized the value of retaining the asset as an investment property within the growing Phoenix industrial market after closing the company. The landlord also owns the four acres surrounding the warehouse, offering the potential for further expansion for CED or future tenants.
May 1, 2019 – DAUM Commercial Real Estate Services recently directed the acquisition of an 8.67-acre land parcel in the North Orange County city of La Habra, California on behalf of the buyer, West Harbor Capital, a Torrance, California-based private equity investment firm.
West Harbor Capital, which focuses exclusively on the investment and asset management of industrial properties throughout Southern California, plans to complete horizontal development at the site for surface industrial use, according to Chris Migliori, Executive Vice President at DAUM’s Newport Beach office.
Migliori represented both the buyer and the seller, Harbor Blvd., Investments, LLC, alongside DAUM’s Paul Gingrich, also an Executive Vice President at the Newport Beach office.
“THE NEED TO ACCOMMODATE LAST-MILE ECOMMERCE DELIVERY IS DRIVING TREMENDOUS MARKET DEMAND FOR VARYING TYPES OF INDUSTRIAL SPACE IN CLOSE PROXIMITY TO POPULATION CENTERS,” EXPLAINS MIGLIORI. “OPERATORS LOOKING FOR PROPERTIES WITH SURFACE STORAGE SPACE ARE EXPERIENCING AN ESPECIALLY DIFFICULT TIME DUE TO VERTICAL DEVELOPMENT IN THE ALREADY TIGHT MARKET. OUR CLIENT STRATEGICALLY IDENTIFIED AN OPPORTUNITY TO ACQUIRE THIS INFILL LAND PARCEL AND BRING TO MARKET A SPACIOUS FULLY PAVED, FENCED, AND SECURED STORAGE YARD, WHICH ALSO LEAVES ROOM FOR POTENTIAL FUTURE DEVELOPMENT.”
Migliori notes that the site is well located in the highly competitive North Orange County submarket, which posted sub-3-percent vacancy rates at the end of 2018, according to a DAUM market report. The location offers close proximity to freeways including State Routes 57, 91, 60, as well as Interstate 5.
Adam Deierling, Managing Partner of West Harbor Capital, states: “We were fortunate to have exceptional partners on this project. The DAUM team is extremely well-versed in this type of transaction. Their efforts and professionalism in bringing all parties together were instrumental to closing the transaction. We also worked hand-in-hand with the city of La Habra, a municipality with great foresight and leaders who truly understand the dynamics of the industry and our project’s impact on the local community.”
Deierling also notes that this acquisition of this site is well-aligned with the firm’s business strategy to acquire industrial properties and land sites in infill locations across Southern California.
Additionally, the site presents the opportunity for further build-to-suit development of an up to 150,000 square-foot warehouse building.
The site is located at 551-555 South Harbor Boulevard in La Habra, California and is now available for lease or sale, with the potential to be divided into two parcels. Construction is expected to be completed in Q3 2019.
(Photo from Left to Right: Ron Berndt, Kevin Tamura & Patti Kutschko)
The Santa Clarita Valley Economic Development Corp. announced the top commercial real estate brokers active in the area at its annual Power Broker Breakfast.
On April 18, brokers, civic and community leaders gathered at College of the Canyons to honor those with the most transactions for their investment in helping businesses find the right location.
“Brokers are important partners with SCVEDC and we work closely with them to bring new jobs to the Santa Clarita Valley,” Holly Schroeder, president and CEO of the corporation, said Friday. “Our Power Broker Breakfast recognizes those brokers who had the most activity in SCV during 2018.”
A total of 18 individuals received recognition, representing six commercial real estate companies based in and around the SCV.
They are: Tim Crissman, ReMax/Crissman; Ron Berndt, Daum Commercial; Kevin Tamura, Daum Commercial; John Cserkuti, NAI Capital; Chris Jackson, NAI Capital; Todd Lorber, NAI Capital; Randy Cude, Spectrum CRE; Andrew Ghassemi, Spectrum CRE; Yair Haimoff, Spectrum CRE; Matt Sreden, Spectrum CRE; Matt Dierckman, CBRE; Sam Glendon, CBRE; Craig Peters, CBRE; Richard Ramirez, CBRE; Doug Sonderegger, CBRE; Christopher Erickson, Colliers International; John Erickson, Colliers International; Kevin Fenenbock, Colliers International.
Those honored closed in on more than 618 transactions, with collective footage of about 21.4 million square feet, according to data from the SCVEDC.
“Their impressive performance reflects the fact that new development projects have come online, and the Santa Clarita Valley is a destination for a growing number of businesses looking for land, modern facilities and a business-friendly environment,” Schroeder said in a statement.
The corporation also awarded Peters with “Transaction of the Year” for Phase 1 of Needham Ranch, a 52 net-acre land sale between Highway 14 and downtown Newhall, and valued at more than $135 million. The overall 135-acre project currently considered the most significant industrial project in Los Angeles County.
“My team and I are honored to be acknowledged for ‘Transaction of the Year’ by the SCVEDC for Phase 1 of the Center at Needham Ranch. The transaction was the culmination of over 20 years of work by many people.” Peters said in an email Friday, also acknowledging teamwork from Trammell Crow and Clarion and the city of Santa Clarita.
DAUM Commercial Real Estate Services has completed the 10-year lease of 48,000 square feet of a 96,000 square-foot industrial manufacturing property in the Phoenix submarket of Chandler, Arizona, on behalf of the lessee, Advanced Circuits, one of the top-three largest printed circuit board manufacturers in North America.
With this lease, the Aurora, Colorado-based firm is relocating from 24,000 square feet of space in nearby Tempe, Arizona – doubling its presence in the region and creating 150 new jobs, according to Sebastian Sica, an Associate at DAUM’s Phoenix office.
“Our Client was seeking to relocate from their previous Arizona location after 20 years, as part of a company expansion that will bring several jobs to the area, as well as a desire to modernize its manufacturing facilities,” explains Sebastian, who represented the tenant along with DAUM Executive Vice President Rich Sica.
According to Sebastian, DAUM began working with Advanced Circuits a year ago after the firm expressed interest in another property.
“After strategically determining that the initial space was not an ideal fit, we continued to work with Advanced Circuits to identify a property that could be tailored to its needs as the firm expands,” continues Sebastian. “Through working closely with the tenant, landlord, and contractors, we were able secure a long-term lease for this recently-renovated property in a strong location, as well as negotiate tenant improvements that met the Client’s requests.”
According to Sebastian, the property is well-positioned adjacent to the Interstate 10, providing ease-of-access throughout the Southwest region and to the Ports of Los Angeles and Long Beach in California.
The firm will also benefit from being a part of the growing tech industry in Chandler, which includes the headquarters of Microchip Technology and an Intel campus that recently received a $7 billion investment, he notes.
The lessor in this transaction is Montreal, Canada-based global real estate company Ivanhoé Cambridge.
The building features 24’ clear height, high-end office space, and dock-high and grade-level loading.
Recent upgrades to the asset include a new roof, T-5 warehouse lighting, a fresh coat of exterior paint, and a new access ramp to the office space.
The property is located at 6615 W. Boston Street in Chandler, Arizona.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
Panattoni Development Company, Inc. (“Panattoni”), Principal Real Estate Investors (“Principal”) and DAUM Commercial Real Estate Services have completed the 10-year lease of a 69,882 square-foot industrial building currently under construction in Orange County, California to a publicly traded commercial and residential roofing distributor.
Chris Migliori and Paul Gingrich, both Executive Vice Presidents at DAUM, represented Panattoni and Principal in this transaction.
This is the first lease transaction completed for the Orange County Commerce Center, a four-building, 232,354 square-foot Class A industrial development project, which is the only industrial development project under construction in the severely supply-constrained North Orange County submarket, according to Jacob LeBlanc, Partner at Panattoni.
“THE WALLS WERE JUST TILTED FOR ALL FOUR BUILDINGS AND SHORTLY THEREAFTER WE WERE ABLE TO FINALIZE THIS LEASE WITH A HIGH-QUALITY LONG-TERM TENANT,” SAYS LEBLANC. “WE ARE EXCITED TO HAVE COMPLETED OUR FIRST LEASE TRANSACTION WHILE STILL EARLY IN THE CONSTRUCTION PROCESS. LEASING THE LARGEST BUILDING IN THIS PROJECT BEFORE CONSTRUCTION COMPLETION REALLY SPEAKS TO THE STRONG TENANT DEMAND IN THE 45,000 TO 70,000 SQUARE-FOOT SIZE RANGE IN THE ORANGE COUNTY INDUSTRIAL MARKET.”
The new tenant is a publicly traded commercial and residential roofing distributor, which currently operates in over 500 locations throughout all fifty states in the United States and is further expanding its presence in Orange County with this lease, notes LeBlanc.
“There continues to be particularly high demand for industrial space in North Orange County, with vacancy rates posting consistently in the 1-percent-range, and asking rental rates in the county increasing 8 percent over the past year,” adds Chris Migliori. “With this lease, the tenant has the opportunity to occupy a best-in-class industrial building with modern, in-demand amenities in a consistent and thriving market.”
LeBlanc adds: “We strategically developed this project to fill a deep hole in the supply-constrained Orange County industrial market. The unique opportunity to occupy Class A industrial product in this region has attracted interest from several exceptional companies. We are excited to establish this relationship with our new tenant and are grateful to the DAUM team for facilitating a smooth and quick lease transaction.”
DAUM was retained as the exclusive listing agent for this project before the development broke ground earlier this year. The other three buildings, ranging from 47,813 to 60,809 square feet, are currently available for lease.
The 69,882 square foot building to be occupied will feature a 6,995 square feet of high quality two story executive office, 30’ minimum warehouse clear height, ESFR sprinkler system, 100% site concrete throughout the auto parking and truck court areas, and a 132’ fully secured concrete truck court/yard with exceptional loading capabilities featuring 7 dock high doors and 1 grade level door.
The tenant will also benefit from close proximity to five major freeways including Interstate 5, State Routes 91, 57, 55 and 241 Toll Road, and direct access to the Ports of Los Angeles and Long Beach.
The property is located at 721 S. Van Buren Street in Placentia, California and is expected to be completed by early 2019. The additional three buildings that comprise the Orange County Commerce Center are located at 711 S. Van Buren Street in Placentia, California and 1365 & 1367 S. Van Buren Street in Anaheim, California.
The lease is scheduled to commence immediately upon construction completion in early 2019. The total lease consideration is approximately $8.65 million. Curtis Krusie and John van Rossem with Mohr Partners represented the tenant in this transaction.