The property is an 11-building, 157,000-sf industrial park in the John Wayne Orange County Airport industrial submarket, according to Mark Macedo, a managing partner and chief operating officer for Hanover.
Macedo says the project was 100% occupied at sale and that the buildings are occupied by industrial tenants that average approximately 1,400 sf. The selling entity, including private individuals and an insurance firm, had owned the project since its original construction in 1976. The buildings are of single-story, concrete tilt-up construction.
The Hanover-Birtcher joint venture plans an exterior renovation to add value and reposition the property. Macedo explains that Hanover, which has completed many value-added deals in Southern California, continues to have an interest in "value-added niche opportunities" in the region.
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