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4/04/24
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A real estate fund managed by Ares Management purchased a 258.5k sf, freestanding industrial distribution building in the OC city of Westminster. Ares is a leading global alternative investment manager.
The property sits on 11.8 acres at 7400 Hazard Ave, east of I-405 and south of Westminster Blvd. It was approximately 72.6% leased at the time of sale, providing the buyer a variety of value-add strategies via lease-up and mark-to-market.
7400 Hazard boasts ideal industrial features including 22’-24’ clear heights, ample dock-high and grade-level loading, abundant auto parking, and 40 off-dock trailer parking stalls, providing optimal leasing optionality to prospective occupiers.
Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Randy Ellison and Kyle McGillen provided leasing advisory and were also retained by the buyer to continue leading project leasing for the asset. Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Max Schafer, and Becca Tse worked with Ares’ debt capital markets team in securing financing for the acquisition.
“Orange County remains one of the most desired industrial markets in the US due to its proximity to the Ports of Los Angeles and Long Beach and several millions of consumers, along with its exceptional access to labor and Southern California’s robust freeway network,” noted Ellison.
According to Cushman & Wakefield’s latest market report, the Orange County Industrial market closed 2023 with a vacancy rate of 2.7%, representing the tightest market in Southern California. The West County submarket, where the property is located, boasts a healthy 3.2% vacancy and contributed to the Orange County industrial market benefiting from a variety of prospective occupiers outside of standard distribution tenants.
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