Ares Management Pays $64M for Orange County Asset
A real estate fund managed by Ares Management has acquired a 258,506-square-foot industrial building in Westminster, Calif., an Orange County submarket. Clarion Partners sold the asset for $64 million, according to public records.
Cushman & Wakefield arranged the deal on behalf of the seller and secured the acquisition financing. The brokerage firm was also tapped to conduct the leasing efforts.
The almost 12-acre property came online in 1969 and was approximately 72.6 percent leased to two tenants at the time of sale. The asset previously traded in April 2013, when Clarion Partners paid $26.7 million to IPERS, according to CommercialEdge information.
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The Class A warehouse features 22- to 24-foot clear heights, 40 off-dock trailer stalls, five drive-in doors and 28 dock-high loading doors with levelers and bumpers. Additionally, the property has more than 140 parking spaces.
The building is at 7400 W. Hazard Ave., close to Interstate 405 and 1 mile from downtown Westminster. Port of Long Beach is 22 miles away, while Los Angeles International Airport is some 32 miles northwest.
Cushman & Wakefield representation
Cushman & Wakefield Executive Vice Chairs Jeff Chiate and Jeffrey Cole, along with Vice Chair Rick Ellison, and Director Matt Leupold represented the seller. Managing Director Randy Ellison and Senior Director Kyle McGillen are in charge of leasing the facility.
Vice Chair Rob Rubano, Executive Managing Director Brian Share, Director Max Schafer, and Associate Becca Tse secured the acquisition financing. Last year, the same team worked on behalf of Westcore Properties in obtaining a $73.4 million loan for the purchase of Hatcher Industrial Park, a 906,125-square-foot industrial park in Waddell, Ariz.
Orange County kicks off first quarter with major deals
At the end of last month, Rexford Industrial Realty acquired 3 million square feet of industrial assets from Blackstone Real Estate. The $1 billion deal involved 48 properties in Los Angeles and Orange counties.
In January, Tishman Speyer and Mitsui Fudosan America Inc. purchased an approximately 32-acre site in Irvine, Calif., for $145.9 million. Construction on the four-building campus is expected to start in the fourth quarter of this year.
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