The Westminster complex, developed by the Irvine-based Sares-Regis Group, is divided into three freestanding warehouse and distribution facilities, located at 14600, 14650 and 14700 Hoover Ave.
Each of the single tenant buildings includes two-story office space, 26-ft interior clearance, dock high loading and secured truck yards. The largest and most recently completed, at 74,107 sf, remains available.
The other two, have been leased to the Southern California Auto Club and Pyramid Logistics. The auto club will take over the 67,708-sf facility in July, after tenant improvements are completed, and fill it with storage boxes. Pyramid Logistics already has already occupied the remaining 56,679-sf building.
Despite rising vacancies and a questionable economic outlook tough financing conditions, commercial developers continue unabated in Orange County. With no tenants in hand, Irvine co-developers Starpointe Ventures and Sares-Regis Group say they will break ground in June near John Wayne Airport on twin five-story office buildings totaling 265,000-sf, an estimated $ 60-million project.
Meanwhile, Sares-Regis and an institutional partner are seeking to unload the 450,000-sf Orange County Business Center at 1211 East Dyer Road in Santa Ana. The property, for which Sares is asking a reported $60 million, can hold another 50,000 sf of development. Rents are well below market and half the leases are expiring in 2003. Steve Silk and Jay Borzi of Los Angeles-based Secured Capital have the listing.
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