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June 22, 2018
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Panattoni Development Starts Work on 232k sf OC Industrial Development

6/05/18

Panattoni Development Company Inc has just broken ground on Orange County Commerce Center, a four-building, 232k sf industrial project situated at the border of Anaheim and Placentia. Panattoni 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. The project broke ground in late April and construction is expected to be completed in early first quarter 2019. It is located at 711 and 721 S. Van Buren St in Placentia, and at 1365 and 1367 S. Van Buren St in Anaheim.

The four buildings range in size from 47.8k sf to 69.9k sf. They 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 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.

“This is the ideal time to bring a product of this scale to market,” says Chris Migliori, Executive Vice President in DAUM’s Orange County office, who has been retained as the exclusive listing agent for the project. According to Migliori, of the 234 msf 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.”

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.





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