Hines announced that it has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana, California for $113.5 million.
The 373,942-square-foot facility is located close to the SR-55 and I-5 freeways and John Wayne Airport.
Purchased in 2017, Hines implemented a robust capital improvement plan, and the facility includes a new roof, seismic retrofit, expanded trailer parking, office upgrades, landscape and signage.
The industrial logistics facility is leased through 2034 and is well positioned for last mile distribution or more traditional manufacturing and warehouse tenants in southern California.
“Our tremendous local partners, particularly John Griffin at Cushman and Wakefield, were critical to the success of our acquisition, redevelopment, leasing and disposition of 515 E. Dyer,” said Tom Lawless, director at Hines. “We look forward to aggressively expanding our industrial portfolio throughout Southern California.”
“This was a flawless execution by the local Hines team and its partners,” said John Griffin, executive managing director at Cushman & Wakefield. “It was a privilege to work with all parties on a successful transaction to close out last year.”
Cushman & Wakefield represented both parties in this agreement.