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June 24, 2024
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Hines Collects $113 Mil from OC Industrial Sale


Hines has sold 515 E. Dyer, a 373.9k sf industrial logistics facility in Santa Ana for $113.5 mil ($303/sf). The buyer was not named.

The property, located close to the SR-55 and I-5 freeways and John Wayne Airport, offers strong visibility, flexibility and scale in a highly desirable Orange County industrial market where much of this product type is largely being torn down for multifamily development.

Hines acquired the asset in 2017 from Turner Development for roughly $57 mil. The firm financed the purchase at the time with a loan of $47.8 mil.

The company immediately commenced a renovation and repositioning of the building, which had previously been home to Royalty Carpets, transforming the 1950s-era structure into a premier industrial facility. Hines’ improvements included a new roof, seismic retrofit, expanded trailer parking, office upgrades, landscape and signage.

The changes positioned the facility for last mile distribution or more traditional manufacturing and warehouse tenants. And in 2019, in the largest lease transaction of the third quarter of that year, Amazon leased the newly transformed property in its entirety under a long-term agreement that will keep the e-commerce giant in place through 2034.

Cushman & Wakefield represented both parties in this agreement.

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