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October 23, 2018
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Pacific Industrial Closes $33 Mil OC Industrial Buy

5/15/18

In recent industrial investment news out of Orange County, Pacific Industrial paid $33 mil for a two-building, 157.2k sf ($210/sf) industrial property situated immediately adjacent to John Wayne Airport in Costa Mesa. Pacific Industrial acquired the asset in partnership with a private equity fund advised by Crow Holdings Capital.

The property is located at 3030 & 3080 Airway, just east of Red Hill Ave and the 55 Fwy. One of the property’s buildings is home to the U.S. headquarters of RipCurl, a major Australian designer, manufacturer, and retailer of surfing sportswear. The second building was recently vacated by Karma. The property boasts a parking ratio of 3:1, which is very uncommon in the tightening Orange County market.

The property is well positioned for value creation, according to Dan Floriani, Co-Founder of Pacific Industrial, who points to its direct frontage on the Orange County airport, easy access to several freeways, and location in a highly affluent pocket of the Orange County Airport submarket as factors that made the asset an ideal target for his firm, and for future tenants. The company will make significant interior and exterior upgrades to the vacant building, offering users brand new office space, a new 15-year roof, 24 new HVAC units, and an array of sought-after employee amenities that will appeal to a wide variety of users in the market.

Trent Walker and Carl Johnson with Voit Real Estate Services represented Pacific Industrial as the buyer in the off-market acquisition. Pacific Industrial has also retained Voit as the exclusive leasing agent for the property. The seller was 3030 & 3080 Airway LLC, an entity that had owned the property for approximately three years.






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