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.”