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11/07/23
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MIG Real Estate has acquired Mission Viejo Business Center, a 100.3k sf industrial business park in Mission Viejo. The price was $30.3 mil, or $302/sf.
Mission Viejo Business Center consists of six multi-tenant industrial distribution/warehouse buildings on 7.65 acres at 23811-23891 Via Fabricante, east of I-5 off of Alicia Pkwy. The property is 99% leased to 43 tenants.
Originally constructed in 1975, Mission Viejo Business Center resides in a highly desirable location with proximity to Interstates 5 and 405 and the John Wayne Airport, providing convenient regional, national, and international access, including nearby Los Angeles and San Diego. Orange County also offers a robust amenity base, including world class beaches and outdoor activities also in proximity of the property.
Jeff Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller, a global investment advisor, in the transaction.
“Mission Viejo’s solid market fundamentals, together with the project’s exceptional quality and financial profile, created a great investment opportunity in one of Orange County’s most sought-after submarkets. The project provides a distinguished corporate image, stable cash flow, and below market rates yielding attractive value-add potential,” said Chiate.
“The project is centrally located within the Mission Viejo submarket servicing a broad range of tenants and local companies seeking highly functional and divisible industrial space,” added Aberg. “The property also offers a variety of bay sizes, ±10’-16’ clear height, grade and dock-high loading doors, and concrete truck courts to support the needs of various mid-size industrial tenants, a segment we continue to see strong demand.”
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