{"id":1004157249,"date":"2016-10-27T23:46:14","date_gmt":"2016-10-28T07:46:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157249"},"modified":"2020-03-11T06:00:02","modified_gmt":"2020-03-11T14:00:02","slug":"anaheim-industrial-asset-trades-for-188m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/anaheim-industrial-asset-trades-for-188m\/","title":{"rendered":"Anaheim Industrial Asset Trades for $188M"},"content":{"rendered":"

 <\/p>\n

By Gail Kalinoski<\/p>\n

\"Anaheim<\/a>

Anaheim Concourse<\/p><\/div>\n

Anaheim, Calif.\u2014<\/strong>In one of the largest industrial deals in Orange County this year, CBRE Group<\/a> arranged the sale of the recently constructed 965,255-square-foot Anaheim Concourse industrial property in Anaheim, Calif., to Bentall Kennedy<\/a> for $188.2 million.<\/p>\n

The property on North Miller Street in the hot North Orange County submarket was completed last year by Panattoni Development Co.<\/a> and Clarion Partners LLC<\/a>. It consists of seven Class A industrial buildings<\/a> that are 86 percent leased. The lease rollover is staggered with the first set to expire in January 2021 and less than 20 percent of the development\u2019s square footage to roll in any year through 2026.<\/p>\n

CBRE\u2019s Darla Longo, Barbara Emmons, Michael Kendall, Rebecca Perlmutter and local market experts Brad Bierbaum and Ryan Peterson represented the sellers, Panattoni and Clarion Partners, on behalf of a separate account managed by the firm. Val Achtemeier of CBRE arranged the financing for the project on behalf of Bentall Kennedy.<\/p>\n

\u201cThis acquisition offered the opportunity to secure almost 10 percent of the Class A industrial product in the largest industrial market in Orange County in a single transaction,\u201d Ashley Powell, head of transactions for Bentall Kennedy\u2019s Western region, said in a prepared statement. \u201cOrange County is at a historically low vacancy rate and is enjoying strong tenant demand.\u201d<\/p>\n

Powell said Bentall Kennedy acquired the site on behalf of one of its separate account clients. Bentall Kennedy is a leading global real estate advisor that serves more than 550 institutional clients and investors managing approximately $43 billion of assets across 60 million square feet of office, retail, industrial and multifamily properties in Canada and the United States.<\/p>\n

Anaheim Concourse is located in one of the most desired infill markets in the greater Los Angles and Southern California market with overall industrial vacancies at 1.8 percent, according to CBRE. The economic makeup of the area is diverse and includes demand from the aerospace, electronics, food and apparel industries.<\/p>\n

A third-quarter Orange County industrial market report by Voit Real Estate Services<\/a> noted that the Anaheim Concourse deal was easily the biggest transaction of Q3 in size and price. The second largest transaction was the sale of four properties totaling 376,808 square feet at 22705-22745 Savi Ranch Parkway in Yorba Linda, Calif., from Hines to Hilrod Holdings for $95 million.<\/p>\n

\u201cTenant demand in the Orange County industrial market remains strong, and we expect availability to remain with the 4 percent range over the next 12 months,\u201d Emmons said in prepared remarks. \u201cDevelopment activity is comparatively low and does not bring a sufficient amount of industrial space to the market. So high-end product like this is highly sought after.\u201d<\/p>\n

CBRE\u2019s Kendall said the market is a gateway between Orange and Los Angeles counties and is an integral part of Southern California\u2019s economy. Demand has also far exceeded supply, CBRE noted. One 367,000-square-foot industrial building was completed in the first quarter of this year and another 219,000-square-foot site is under construction and due to deliver this quarter.<\/p>\n

\u201cAnd with the increasing necessity for same-day deliveries, particularly for e-commerce companies, being located close to major consumer hubs is integral to success today,\u201d he said.<\/p>\n

The Voit report also referred to the supply and demand imbalance and noted it had resulted in sharp increases in lease rates and sale prices across all size ranges. As a result, asking rents are expected to increase by an annualized average of 6 percent by the end of the second quarter of 2017 and vacancy is expected to remain below 3 percent for the rest of this year and well into 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bentall Kennedy has acquired a 965,255-square-foot industrial asset from Clarion Partners and Panattoni Development.<\/p>\n","protected":false},"author":1068,"featured_media":1004506005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1594,21742,15],"tags":[],"class_list":["post-1004157249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-los-angeles","category-latest","category-west"],"acf":[],"yoast_head":"\nAnaheim Industrial Asset Trades for $188M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/anaheim-industrial-asset-trades-for-188m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anaheim Industrial Asset Trades for $188M\" \/>\n<meta property=\"og:description\" content=\"Bentall Kennedy has acquired a 965,255-square-foot industrial asset from Clarion Partners and Panattoni Development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/anaheim-industrial-asset-trades-for-188m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-28T07:46:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-11T14:00:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Anaheim-Concourse.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1191\" \/>\n\t<meta property=\"og:image:height\" content=\"712\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"Anaheim Industrial Asset Trades for $188M\",\"datePublished\":\"2016-10-28T07:46:14+00:00\",\"dateModified\":\"2020-03-11T14:00:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/\"},\"wordCount\":602,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Anaheim-Concourse.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"Industrial\",\"Investment\",\"Los Angeles\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/anaheim-industrial-asset-trades-for-188m\\\/\",\"name\":\"Anaheim Industrial Asset Trades for $188M - 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