Pacific Industrial, a privately held industrial development and investment firm, has acquired a 151,000 square-foot, 9-acre multi-tenant business park in Anaheim’s “Platinum Triangle” that is directly adjacent to a property the firm already owns.
Seth Davenport, Mitch Zehner and Rob Socci, all Executive Vice Presidents in the Anaheim office of Voit Real Estate Services, represented Pacific Industrial in the $22.65 million transaction.
“It is no understatement to say that this is a rare opportunity,” says Davenport. “At the end of 2017, we were able to direct the off-market acquisition of the adjacent 8.5-acre property on behalf of Pacific Industrial. By identifying and bringing this second site to our client a year later, Pacific Industrial now owns 17.5 contiguous acres between Angel Stadium and the Honda Center, with immediate access to more than seven million rooftops.”
Dan Floriani, Partner and Co-Founder at Pacific Industrial explains, “The acquisition of North Stadium Business Center gives us a property with immediate cash flow from the existing multi-industrial park, as well as a tremendous number of potential scenarios for this large site in a dense and sought-after work, live and play area. Purchasing this asset allows us to expand our footprint in the heart of Orange County and gain control of a large area, including the only acreage in the market that has not yet been developed.”
Located near the interchange of the I-5, SR-22 and SR-57 freeways, North Stadium Business Center and its next door development are within walking distance of the city’s two major sports and entertainment venues, Angel Stadium and The Honda Center.
Pacific Industrial has appointed Voit Real Estate Services as its exclusive agent for the newly acquired business park and property.
“The asset’s highly visible location with immediate access to three major freeways makes it an ideal opportunity for additional multi-tenant industrial, for “last mile” product distribution, particularly in the e-commerce sector, as well as for potential multifamily and retail uses,” notes Davenport.
North Stadium Business Center is currently leased to more than 30 different tenants, providing a risk-adjusted revenue stream while Pacific Industrial determines its asset plan for the undeveloped portion of the property, and for its long-term value creation, Davenport adds.
“There are now opportunities for existing tenants to increase their current space, as well as for new tenants who will be attracted to the asset’s size, prime location and redevelopment potential,” he points out.
North Stadium Business Center is located at 2020-2120 E. Howell Avenue in Anaheim, California.
Seth Davenport, Mitch Zehner and Rob Socci, all Executive Vice Presidents in the Anaheim office of Voit Real Estate Services, also represented the seller, 2020 Howell Avenue Enterprises, LLC and Howell Avenue Enterprises, LLC in the transaction.
About Pacific Industrial
Pacific Industrial is a Southern California-based investment firm exclusively focused on the development and acquisition of industrial real estate. As one of the most active privately held development firms in Southern California, Pacific Industrial is currently developing several million square feet of industrial space and has closed more than $900 million in transactions since 2012. For more information please visit: www.Pac-Industrial.com
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 45+ year history, the firm has developed, managed and acquired more than 64 million square feet, managed $1.4 billion in construction projects and completed in excess of $48.1 billion in brokerage transactions encompassing more than 46,000 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios. Further information is available at www.voitco.com.
This article was a courtesy release.