DAUM Commercial Directs Acquisition Of Rare Infill Land Parcel In North Orange County, CA
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.