Bridge Development Partners LLC has acquired a 56,900-square-foot industrial property along with adjacent land, previously owned and occupied by Behr Paint, at 3400 West Segerstrom Avenue in the South Coast Metro area of Santa Ana, California, according to a release from a representative of the buyer. The sale price was not disclosed in the release, but the representative tells SoCal Real Estate that the amount was $11,259,000.
The statement says Bridge is planning to add value to the project, now called Bridge Point Santa Ana, by demolishing the building’s office interior to revert the property to an industrial use.
The site features 3 acres of 218 fully secured excess parking area adjacent to the building, the source reports. Applications for the excess area could include trailer parking, vehicle or fleet parking, or exterior storage. The release describes the space as a modern 24-foot-clear industrial building with five dock-high doors, one grade-level ramp, and 7,757 square feet of office area.
Brian Wilson, partner of the West region for Bridge, is quoted in the release as saying, “Bridge Point Santa Ana is an exceptionally well-located site that sits in the heart of Orange County.” He adds that the redeveloped property will be available either for lease or sale.
The statement also says Bridge Point Santa Ana is close to the I-405, which connects to CA-22, CA-75, CA-73, and I-5. The 10-mile concentric circle surrounding the facility contains more than 58,300 businesses and a population of more than 1.9 million, providing strong logistics and labor arguments for the property, the release says.
The Cushman & Wakefield team of Kevin Turner, John Gallivan, and Rick Ellison represented both parties in the transaction.
The release says as of the second quarter of 2018, the Santa Ana industrial market had only a 3 percent vacancy rate “due to strong demand for well-located industrial product in the area.”
Developers are answering the demand. As we reported in August, Shea Properties is building Shea Business Center, a new, 500,000-square-foot, state-of-the-art industrial park located on the former ITT site on East Dyer Road and Alton Avenue in Santa Ana, according to a representative of the firm. The property is located just off the 55 Freeway with immediate access to I-5.