Newport Beach, CA-based Panattoni Development Company, Inc. broke ground on a four-building industrial development on the border of Anaheim and Placentia, CA. The 232,000-square-foot project is being developed in partnership with Principal Real Estate Investors.
Panattoni acquired the rare 10-acre land parcel in 2017, according to Daum’s Chris Migliori, who directed the sale and will be handling the leasing assignment for the buildings that range in size from 47,813 to 69,882 square feet.
“This is the ideal time to bring a product of this scale to market,” says Migliori, given the market’s relatively small amount of Class A product. “Industrial demand heavily outweighs supply in the Orange County market, and investor appetite remains strong,” he notes.
The development, located at 711 and 721 S. Van Buren St. in Placentia and 1365 and 1367 S. Van Buren St. in Anaheim, is expected to be completed in early 2019.
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