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5/02/19
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An 8.67-acre land parcel in La Habra was purchased by West Harbor Capital, a Torrance-based private equity investment firm. West Harbor, which focuses exclusively on the investment and asset management of industrial properties throughout Southern California, plans to complete horizontal development at the site for surface industrial use.
The site is located at 551-555 South Harbor Blvd, east of Beach Blvd and north of the 90 Fwy, and has the potential to be divided into two parcels. It provides the buyer the opportunity for additional build-to-suit development of a warehouse building up to 150k sf in size.
Chris Migliori and Paul Gingrich with DAUM Commercial Real Estate Servcies represented both the buyer and the seller, Harbor Blvd Investments LLC.
“The need to accommodate last-mile eCommerce delivery is driving tremendous market demand for varying types of industrial space in close proximity to population centers,” explains Migliori. “Operators looking for properties with surface storage space are experiencing an especially difficult time due to vertical development in the already tight market. Our client strategically identified an opportunity to acquire this infill land parcel and bring to market a spacious fully paved, fenced, and secured storage yard, which also leaves room for potential future development.”
Migliori notes that the site is well located in the highly competitive North Orange County submarket, which posted sub-3-percent vacancy rates at the end of 2018, according to a DAUM market report. The location offers close proximity to freeways including State Routes 57, 91, 60, as well as Interstate 5.
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