Panattoni Development Co. has kicked off the construction of a new industrial development totaling 232,000 square feet on the border of Placentia and Anaheim, Calif. Pannatoni is developing the project in partnership with Principal Real Estate Investors. The developer purchased the 10-acre land in 2017. DAUM Commercial was appointed as the leasing agent of the facility. The project is slated for completion by early 2019.
The new industrial development will be positioned at 711 and 721 S. Van Buren St. in Placentia and 1365 and 1367 S. Van Buren St. in Anaheim. The location offers access to Interstate 5, state routes 91, 57, 55 and Toll Road 241. Additionally, the facility will have access to the Ports of Los Angeles and Long Beach. The development will comprise four buildings ranging in size from 47,813 to 69,882 square feet.
“Industrial demand heavily outweighs supply in the Orange County market, and investor appetite remains strong. By introducing a high-quality, Class A asset into this supply-constrained market, Panattoni has the opportunity to attract high-grade industrial tenants and investors alike, resulting in what we anticipate will be a rapid lease-up,” said Chris Migliori, executive vice president at DAUM Commercial, in prepared remarks.
In March, Pannatoni also broke ground on an 815,670-square-foot warehouse in northern Tennessee.
Image courtesy of DAUM Commercial