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4/24/18
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Prologis Inc, the global industrial REIT, recently completed an acquisition in south Orange County, paying $55.37 mil for a 307.8k sf ($180/sf), Class A industrial property in Foothill Ranch.
The warehouse and distribution building is located at 50 Icon, on the northeast side of the 214 Toll Road near Portola Pkwy. The structure, which can be divided into separate 158k sf and 149k sf units, is currently 100% leased by Hampton Products International.
The property developer, a manufacturer of locks, residential hardware, lighting, and travel security products, has been in the building for 14 years with a lease that expires in 2023. The property features 30’ clearance, ESFR sprinklers, 45 dock-high doors for loading, 471 parking stalls and a 36.6k sf office space.
Darla Longo, Barbara Perrier, Brett Hartzell and Rebecca Perlmutter Finkel with CBRE’s National Partners West Coast team represented the seller, Institutional Advisor. CBRE’s Gregg Haly served as local market representative.
“50 Icon was a unique opportunity to acquire a state-of-the-art industrial building that is easily divisible, which provides the new owner with the opportunity for rent increases and market flexibility down the line,” said Perrier. “This site is an incredible last-mile location as it has immediate access to major population hubs via the transportation arteries in the region.”
Orange County is one of the strongest industrial markets in the county with an overall 1.5% vacancy rate in the first quarter, according to the latest CBRE research. With an ever-shrinking industrial base and no significant amount of new product being delivered, rents continued to increase in Orange County during the first quarter. Considering the well-documented inventory challenges, the OC industrial market remained very desirable due to solid fundamentals and is expected to perform well with rent growth on par with the previous year and solid positive net absorption.
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