Panattoni, Principal Real Estate Investors Seize On Orange County Industrial Demand With New Project
A JV of Panattoni Development Co. and Principal Real Estate Investors is underway on a four-building Class-A industrial project on the border of Anaheim and Placentia in Orange County.
The JV began construction in April on the Orange County Commerce Center, which will be composed of four buildings totaling 232K SF. The four buildings range from 47,813 SF to 69,882 SF.
Construction is expected to be completed early in Q1 2019.
“This is the ideal time to bring a product of this scale to market,” said DAUM Commercial Executive Vice President Chris Migliori, who was appointed as the leasing agent for the facility.
Migliori said Orange County’s industrial market has approximately 234M SF but few Class-A products. He added the Orange County industrial market continues to have strong demand, with a vacancy rate of 1.5% in the first quarter.
“Industrial demand heavily outweighs supply in the Orange County market, and investor appetite remains strong,” Migliori said in a news release.
In 2017, Panattoni purchased the property — a former strawberry field — from G&M Family L.P. for $17.7M.
Each building of the development will offer two stories of executive office space, 30-foot warehouse clearance, dock-high and grade-level loading and fully secured concrete truck courts.
