Panattoni, Principal Real Estate Lease 70 KSF Industrial Asset in OC
DAUM Commercial completed the 10-year lease with a roofing distributor. The Class A asset is part of Orange County Commerce Center, a four-building property totaling 232,354 square feet.
DAUM Commercial Real Estate Services, on behalf of Panattoni Development Company Inc. and Principal Real Estate Investors, has leased a 69,882 square-foot industrial building currently under construction in Orange County, Calif. A publicly traded commercial and residential roofing distributor will occupy the building for the next decade.
Located at 721 S. Van Buren St. in Placentia, Calif., the industrial facility is part of the 232,354 square-foot Orange County Commerce Center, a four-building Class A property on the border of Placentia and Anaheim, Calif., that broke ground in June 2018. The site is in close proximity to five major freeways and offers direct access to the Ports of Los Angeles and Long Beach.
The upcoming building will include 6,995 square feet of office space, 30-foot minimum warehouse clear height, ESFR sprinkler system, concrete throughout the auto parking and truck court areas and a 132-foot fully secured concrete truck court/yard with loading capabilities. The asset is expected to be completed early this year.
“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,” said Jacob LeBlanc, partner at Panattoni, in prepared remarks.
This is the first lease transaction completed for Orange County Commerce Center. Daum Executive Vice Presidents Chris Migliori and Paul Gingrich represented Panattoni and Principal in the deal. Curtis Krusie and John van Rossem with Mohr Partners acted on behalf of the tenant. The other three buildings, ranging between 47,813 and 60,809 square feet, are currently available for lease.