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June 18, 2024
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Terreno Realty Corporation Picks Up Santa Ana Site for Redevelopment

9/19/23

Terreno Realty Corporation spent $14.8 mil for a 4.9-acre site containing three multi-tenant office buildings at 1720 E Garry Ave in Santa Ana leased on a short-term basis. The property is located immediately adjacent to the Costa Mesa Fwy (CA 55) and less than two miles from the intersection of CA 55 and I-405 and the John Wayne Airport in Orange County.

The buyer plans to demolish the existing office structures to construct a new industrial project. After redevelopment, expected to be completed in the first quarter of 2025, the property will contain a 91.5k sf, rear-load industrial distribution building with ten dock-high and two grade-level loading positions. The project has a total expected investment of $40.6 mil.

The redeveloped property is 100% pre-leased to a provider of temperature-controlled life sciences supply chain solutions. It is expected to achieve LEED certification and the estimated stabilized cap rate is 5.1%, according to Terrano.

Cushman & Wakefield’s Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg, and Matthew Leupold of the firm’s Capital Markets Team in Orange County represented the seller, Greenlaw Partners, in the transaction.

“Given the ongoing demand for either new or modern, high quality industrial product that is well located, combined with the ongoing challenges the office market faces, particularly for older product, we continue to see investors/developers target these types of properties for conversion opportunities in Orange County and across Southern California. And in the case of this forward-funded investment sale, the property is already 100% preleased, exemplifying the success this strategy is having,” said Ellison.





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