Hanover, Werdin Launch JV in Santa Ana

LOS ANGELES–A joint-venture partnership of locally based Hanover Financial Co. and Werdin Co. of Newport Beach purchased a 5.3-acre parcel in Santa Ana and plans to build a 101,000-sf industrial park on the site.

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.