The parcel is on Dyer Road, adjacent to the Costa Mesa Freeway. The new park will have 12 for-sale buildings ranging from 6,700 to 11,000 sf each. Acquisition and construction costs combined will total about $11.3 million, according to Mark Macedo, Hanover Financial managing director.

The project is in Orange County's red-hot Airport Area market. "We think this development is going to do very well because it's the first project that will have small industrial buildings on a for-sale basis to be built near John Wayne Airport in more than a decade," Macedo says.

The Irvine office of Colliers Seeley represented the Hanover-Werdin partnership, known as HW-Dyer LLC, in the acquisition and will also handle the new project's marketing duties.