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3/31/21
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North Palisade Partners LLC plans to develop a $22 mil industrial logistics center on a 7.75-acre site in Anaheim it purchased from Torrance Logistics Co for $14 mil. The project, located at 1477 N. Jefferson St, will be built on a spec basis as a logistics yard.
Called Palisade Anaheim Logistics Center, the development will be a last mile logistics and fulfillment center serving e-commerce tenants.
“The site occupies a rare infill location with excellent access to the region’s critical 91, 57 and 55 freeways,” Joe Mishurda, managing partner said. “Orange County has very few industrial sites available for new development, especially sites offering more than five acres of contiguous land. Currently, industrial vacancy in the North Orange County submarket stands at 1.1% and new supply equates to only .03% of current inventory.
North Palisade Partners, based out o Newport Beach, will begin site improvements next month with project completion slated for November of this year. The company plans to develop the site on a speculative basis but will also customize the property according to tenant needs ranging from build-to-suit warehouses to customized low-coverage parking plans or truck terminals.
The Palisade Anaheim Logistics Center is the company’s second Orange County investment with more slated for the future. North Palisade Partners acquired the Tesla Motors showroom in Costa Mesa, California, in 2020.
Michael Ma with Lee & Associates’ West Los Angeles office represented both North Palisade Partners and the seller in the transaction. Mike Hefner and Mike Vernick with the Anaheim office of VOIT Real Estate Services is representing North Palisade Partners in the leasing efforts. The TerraCotta Group, based in El Segundo, provided debt financing.
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