Cushman & Wakefield
Cushman & Wakefield has brokered the sale of a 258,506 square foot freestanding distribution building in Westminster, Orange County, California, and arranged acquisition financing for the transaction.
Situated on 11.82 acres at 7400 Hazard Ave, the building was approximately 72.6 per cent leased at the time of the deal, which opened up several additional trategies for adding value including via lease-up and mark-to-market.
The buyer is a Real Estate fund managed by Ares Management, a leading global alternative investment manager.
This is an institutional quality industrial asset with a superior infill location combined with desirable distribution features and functionality.
Cushman & Wakefield Executive Vice Chairman Jeff Chiate, Executive Vice Chairman Jeffrey Cole, Senior Director Rick Ellison, and Matt Leupold (an exclusive advisor within the firm’s Industrial Capital Markets team and National Industrial Advisory Group for the Western United States) represented the seller in the transaction. Colleagues Randy Ellison and Kyle McGillen provided leasing advisory and were also retained by the buyer to continue leading Project Leasing for the asset.
Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Max Schafer, and Becca Tse worked with Ares’ debt capital markets team during the financing initiative.
Orange County remains one of the most desired industrial markets in the US due to its proximity to the Ports of Los Angeles
“This is an institutional quality industrial asset with a superior infill location combined with desirable distribution features and functionality. The buyer has an exceptional mark-to-market opportunity whereby leasing the existing vacant unit, with support from the Cushman & Wakefield leasing team, to realize meaningful growth in operating cash flows,” observes Chiate.
“Orange County remains one of the most desired industrial markets in the US due to its proximity to the Ports of Los Angeles and Long Beach and several millions of consumers, along with its exceptional access to labor and Southern California’s robust freeway network,” adds Ellison.
7400 Hazard boasts ideal industrial features including 22-24 meter clear heights, ample dock-high and grade-level loading, abundant auto parking, and 40 off-dock trailer parking stalls providing optimal leasing optionality to prospective occupiers.
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