Pacific Industrial Acquires OC Industrial Facility
- May 16, 2018
Pacific Industrial has acquired a two-building industrial property adjacent to John Wayne Airport in Costa Mesa, Calif. The firm purchased the asset for $33 million from 3030 & 3080 Airway LLC, and closed on the deal with one of its institutional partners, a private equity fund advised by Crow Holdings Capital. Voit Real Estate Services represented Pacific Industrial in the off-market transaction.
Located at 3030 and 3080 Airway Ave., the facility totals 157,204 square feet. One of the buildings is the current U.S. headquarters of Australian designer, manufacturer and retailer of surfing sportswear, RipCurl. The second building was vacated by Karma, creating a value-add opportunity in the market. The firm will implement a capital improvements plan to update both the interior and exterior of the vacant building. This will include brand new office space, 24 HVAC units, a new 15-year roof and the addition of employee amenities.
“This investment is perfectly aligned with our company’s ongoing strategy to acquire irreplaceable assets in exceptionally well-located pockets that will attract a wide variety of users,” said Dan Floriani, co-founder of Pacific Industrial, in a prepared statement.
Voit Real Estate Services’ Executive Vice President Trent Walker and Senior Vice President Carl Johnson represented the buyer. Last October, Voit facilitated the sale of Sante Fe Depot, a 102-year-old landmark in downtown San Diego, previously owned by Prologis Inc.
Image courtesy of Pacific Industrial