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December 15, 2017
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SOUTHERN CALIFORNIA NEWS
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Prime Development Land in Anaheimís Platinum Triangle Trades

11/13/17

Pacific Industrial has acquired an 8.5-acre land site in Anaheim for $14.57 mil. The property is located at 2222 East Howell Ave, north of Katella Ave and west of the 57 Fwy.

The site, which lies within the boundaries of Anaheim's Platinum Triangle - directly across from Anaheim Stadium and just down the street from the Honda Center - is in a prime location allowing for a variety of high density development options including office, retail, hospitality and multi-family product types. Given its location near the geographic center of Orange County with immediate access to five major freeways, the site could also be perfect for a "last mile" distribution center.

Since 1973, the property had been encumbered by a 50-year master lease, which prevented any sale of the property until it expired or was otherwise terminated. In recent years, numerous redevelopment projects have been completed in the Platinum Triangle, but no one has been able to gain control of this prime site until this purchase by Pacific Industrial.

Currently, the property is leased to four tenants, providing rental income and valuable time for Pacific Industrial to decide when and how the property will ultimately be developed. With limited infill development opportunities and high barriers to entry in Orange County, the site offers a unique opportunity to design and build a project that is optimized to the needs of the market and the community, while still providing substantial interim cash flow.

Seth Davenport and Mitch Zehner with Voit Real Estate Services represented Pacific Industrial iun the transaction.





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