Irvine-based developer buys 90K sf building in Orange County

Panattoni Development picks up 4-acre Tustin property next to 220K sf logistics warehouse

Los Angeles /
Apr.April 08, 2022 04:06 PM
Chairman and founder of Panattoni Company Carl Panattoni and the project site at 14351 Myford Road, next to project site at 14451 Myford Road in Tustin. (Google Maps, Panattoni)

A global industrial developer has paid $19.3 million for a 90,000-square-foot industrial building in Tustin.

An affiliate of the Irvine-based Panattoni Development bought the building on 3.6 acres at 14351 Myford Road, the Orange County Business Journal reported. The seller was an affiliate of Orange County Research Center, which paid $4.9 million for the property in 2003.

The deal works out to a price of nearly $215 per square foot for the industrial building, or about $5.3 million an acre. Panattoni bought the property through a limited liability company with ties to Revantage, a Blackstone-owned lender based in Chicago.

Plans for the Orange County site were not disclosed and development plans have not been filed with the city.

Two years ago, Panattoni paid $32.4 million for a nearly seven-acre property next door, at 14451 Myford Road. After demolishing buildings onsite, the developer is now constructing a 220,000-square-foot industrial warehouse.

Signs at the site indicate Link Logistics Real Estate, an industrial unit of Blackstone, will be affiliated with Panattoni’s new project, the newspaper reported.

Panattoni Development, founded in 1986 by now chairman Carl Panattoni, has 46 offices worldwide and a portfolio of 544 million square feet, according to its website.

A one-mile stretch of Myford Road is among the more active streets for real estate development in Tustin and Irvine.

Electric vehicle-maker Rivian Automotive now counts 14600 Myford Road in Irvine as its corporate headquarters, and has bought other sizable facilities nearby.

The street is also home to Tustin-based mortgage lender New American Funding, one of Orange County’s fastest-growing private companies.

Earlier this year, New American founders Riak and Patty Arvielo sold a 112,400-square-foot manufacturing building on Myford Road to an affiliate of real estate developer and investor Hines, for $50 million. The deal came out to about $445 a square foot — the biggest commercial property sale in Tustin in more than two years, according to CoStar. The Arvielos paid $22.5 million for the building in 2017.

The building, dubbed Radius, is leased to Tustin-based drugmaker Avid Bioservices, which has sunk tens of millions of dollars into facilities in the area to boost capacity for contract development work for other pharmaceutical companies, according to the newspaper.

[OCBJ] – Dana Bartholomew





    Related Articles

    arrow_forward_ios
    Pasadena Mayor Victor Gordo with the 710 stub (City of Pasadena, Google Maps)
    Returned 710 Freeway parcel in Pasadena apt for development
    Returned 710 Freeway parcel in Pasadena apt for development
    Queen Mary (Google Maps, iStock)
    Long Beach to size up Queen Mary in wake of failed redevelopment plan
    Long Beach to size up Queen Mary in wake of failed redevelopment plan
    Prologis' Hamid Moghadam and 8819 E Edison Ave in Ontario (Google Maps, Prologis)
    Prologis gets option on 177 more acres in Ontario Ranch
    Prologis gets option on 177 more acres in Ontario Ranch
    Assembly Majority Leader Eloise Gómez Reyes (47th Assembly District, iStock)
    Inland Empire industrial developers dodge a bullet — for now
    Inland Empire industrial developers dodge a bullet — for now
    Crow Holdings CEO Bob McLain and 2524 S Lilac Avenue (LinkedIn, Google Maps)
    Dallas outfit spends $72M on industrial in Inland Empire
    Dallas outfit spends $72M on industrial in Inland Empire
    SRG's Chris Payne and Burnham Ward's Bryon Ward with rendering of New Laguna Niguel City Center (Sares Regis Group, Burnham Ward Properties)
    ‘Napa Valley-esque’ downtown to be built in Laguna Niguel
    ‘Napa Valley-esque’ downtown to be built in Laguna Niguel
    From left: 17877 & 17875 Von Karman Ave in Irvine, PGGM CEO Edwin Velzel and MetLife CEO Michel Khalaf (LoopNet, PGGM, MetLife)
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
    LaTerra buys Marina del Rey office complex
    LaTerra buys Marina del Rey office complex
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...