Anaheim Industrial Build Fetches $188M

The nearly 1-million-square-foot property consists of seven class-A industrial buildings that are 86% leased.

ANAHEIM, CA—Bentall Kennedy has purchased the recently constructed, 965,255-square-foot Anaheim Concourse industrial property here—from a joint venture between Panattoni Development Co. and Clarion Partners LLC on behalf of a separate account managed by the firm—for $188.2 million. The asset sits in one of the most-desired infill markets in the Greater Los Angeles and Southern California market, with overall industrial vacancies at 1.8%.

Anaheim Concourse, located on North Miller St., was completed last year. It consists of seven class-A industrial buildings that are 86% leased, with the lease rollover staggered; the first one is expiring in January 2021 and less than 20% of the project’s square footage is set to roll in any given year through 2026.

According to Bentall Kennedy’s Ashley Powell, head of transactions for the Western region, “This acquisition offered the opportunity to secure almost 10% of the class-A industrial product in the largest industrial market in Orange County in a single transaction. Orange County is at a historically low vacancy rate and is enjoying strong tenant demand.”