Stockbridge Pays $100M for Orange County Facility

Stockbridge Capital Group has paid $99.5 million for a 290,920-square-foot industrial asset in Buena Park, Calif., according to Yardi Research Data. IDI Logistics sold the Class A asset.

The seller had purchased the property in 2012 from AEW Capital Management, in a 12-property portfolio deal, the same source shows. AEW is active in the Orange County market, having sold an industrial asset for $53.7 million, just last month.

Stockbridge’s newly acquired asset is a one-story, cross-dock facility. Its features include dock levelers and bumpers, 17 dock-high doors, six grade-level doors and 189 vehicle parking spots. Orora Packaging Distribution is the sole tenant, Yardi Research Data shows.

The facility is at 6600 Valley St., close to interstates 5 and 605. Orange County is within 18 miles, while the ports of Long Beach and Los Angeles are within 26 miles.

Orange County’s industrial assets yield high prices

Investor appetite for Orange County industrial product has placed the market among the top performers, according to a Yardi Matrix report. As of May, Orange County’s industrial sales volume reached $559 million, taking the eighth spot among the top 25 U.S. markets. Assets traded for an average of $282 per square foot, more than double the $133 national figure.

Among West Coast markets, Orange County ranked behind both the Inland Empire ($617 million) and Los Angeles ($929 million) in terms of total investment volume. The latter’s average price per square foot stood at $311, while the former’s, at $249.