MIG Real Estate Buys Orange County Industrial Property
MIG Real Estate made its second industrial purchase this year, acquiring a roughly 100K SF property in Orange County.
Newport Beach-based MIG acquired the Mission Viejo Business Center, a 99% leased industrial business park in Mission Viejo, for $33.3M from the Los Angeles County Employees Retirement Association.
“Mission Viejo’s solid market fundamentals, together with the project’s exceptional quality and financial profile, created a great investment opportunity in one of Orange County’s most sought-after submarkets,” Cushman & Wakefield Executive Vice Chair Jeff Chiate said in a release. “The project provides a distinguished corporate image, stable cash flow, and below market rates yielding attractive value-add potential.”
A representative for the Los Angeles County Employees Retirement Association confirmed the sale price and ownership of this property, which was managed by DWS/RREEF, one of LACERA’s separate account managers.
The property consists of six multitenant industrial distribution and warehouse buildings on more than 7.5 acres at 23811-23891 Via Fabricante. At the time of sale, the property had 43 tenants.
Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey and Zach Harman of Cushman & Wakefield’s national industrial advisory group in Southern California represented the seller, which was referred to as “a global investment advisor” in the brokerage’s release.
Industrial leasing volume in Orange County declined 36% during the third quarter of this year after increasing in the first half of the year, a JLL report said, but total vacancy was still just 2.4% in the market.
Orange County’s total sublease space rose during the third quarter to over 2M SF but remained below the peak reached at the end of 2020, JLL said.
MIG Real Estate bought a 13-property portfolio in Austin earlier this year.
CORRECTION, NOV. 10, 8:44 A.M. PT: A previous version of this story misstated the sale price. The story has been updated.
