INDUSTRIAL: Santa Ana buildings bought by CenterPoint Properties for $114M

Adds to Collection Of Large Distribution Sites

CenterPoint Properties is bulking up its North County industrial holdings.

Records indicate the Oak Brook, Ill.-based industrial investor recently spent $114 million for a three-building logistics facility in Santa Ana.

The 20-acre site includes three regional distribution buildings spanning 400,000 square feet at 2701, 2711 and 2721 S. Harbor Blvd.

The property’s just south of Warner Ave., and a few blocks north of the Press development site in Costa Mesa.

The deal works out to about $130 per land square foot, considered market pricing by local brokerages.

Land prices have hit historic highs for industrial redevelopment opportunities in Orange County, as availability hits new lows.

“The opportunity to acquire scale of quality product in an infill market like Orange County is extremely rare,” said Evan Lippow, senior vice president of investments at CenterPoint. “As a long-term investor, CenterPoint’s investment strategy focuses on functional assets that have intrinsic land value, which presents future optionality.” Rob Socci from Voit Real Estate Services John Griffin from Cushman & Wakefield brokered the deal.

Multi-Tenant Park

The buildings are nearly fully leased to a mix of tenants, the largest being Liquid Graphics and Robinson Pharma, which occupy the bulk of the largest, 305,750-squarefoot building at 2701 S. Harbor.

Robinson Pharma, a supplement maker, owns and leases numerous buildings in the vicinity.

The campus has parking for 650 vehicles. “This multi-tenant park is high-quality product that, due to the location and abundance of parking, should perform well long term,” said Ashley Vanacore, CenterPoint’s investment officer. “Industrial demand in Orange County figures to remain high thanks to the strategic access it offers companies to a dense population with a considerably higher median income than the national average.”

OC Holdings

CenterPoint owns two of the largest industrial buildings in OC: the former Albertsons Cos.’ and J.C. Penney Co. hubs in Irvine and Buena Park, respectively.

The latter property has been converted into the CenterPoint SoCal Logistics Center, a 1.1-million-square-foot industrial facility that’s now fully spoken for. ■