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.
LA-based Hanover Financial invests in existing and planned commercial real estate projects on a joint-venture equity basis, and Dyer Business Center represents its 24th deal since its inception only 18 months ago. Werdin specializes in the acquisition and development of office and industrial properties in Southern California and Arizona.
The partnership purchased the parcel from manufacturing and engineering conglomerate ITT Industries, which owns a facility next door. ITT represented itself in the transaction.
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