(NEWPORT BEACH, CALIFORNIA) – Hines, the international real estate firm, announced today that it has acquired 515 E. Dyer, a recently vacated infill industrial asset totaling 414,309 square feet in Santa Ana, California. The building was formerly owned and occupied by Royalty Carpets.
With convenient access to the SR-55 and I-5 freeways and John Wayne Airport, 515 E. Dyer offers strong visibility, flexibility and scale in a highly desirable, one-percent-vacant Orange County industrial market where this product type is largely being torn down for multifamily development. The facility represents one of the few substantial blocks of industrial vacancy on the market today.
John Griffin at Cushman and Wakefield brokered the off-market transaction.
Hines has kicked off a robust capital improvement plan, which includes a new roof, seismic retrofit, expanded trailer parking, office upgrades, landscape and signage. When complete, the property will be positioned as ideal for last mile distribution or more traditional manufacturing and warehouse tenants, offering a great opportunity to plant an industrial flag for Hines in southern California.
Ray Lawler, senior managing director at Hines said, “Hines is committed to expanding our industrial/logistics portfolio and the southern California market presents an enormous opportunity to achieve scale in the country’s largest industrial hub.”
Tom Lawless, associate at Hines also commented, “We look forward to aggressively pursuing industrial/logistics deals of all types including development, urban infill, sale leasebacks, etc. throughout Greater LA, the Inland Empire and Orange County.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
