Continuing to expand its Los Angeles and Orange County footprint, industrial giant Prologis has purchased a nearly 308K SF Class-A industrial building in Foothill Ranch from Institutional Advisor for $55.37M.
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The warehouse and distribution building at 50 Icon is 100% leased by Hampton Products International, a developer and manufacturer of locks, residential hardware, lighting and travel security products. Hampton’s lease expires in 2023.
The property can be divided into separate 158K SF and 149K SF units.
CBRE’s Darla Longo, Barbara Perrier, Brett Hartzell and Rebecca Perlmutter Finkel represented the seller. CBRE’s Gregg Haly served as the local market representative.
“50 Icon was a unique opportunity to acquire a state-of-the-art industrial building that is easily divisible, which provides the new owner with the opportunity for rent increases and market flexibility down the line,” Perrier said in a news release. “This site is an incredible last-mile location as it has immediate access to major population hubs via the transportation arteries in the region.”
With a 1.5% vacancy rate, Orange County is one of the strongest industrial markets in Southern California, according to CBRE’s first-quarter report.
CBRE officials said the industrial base is shrinking and there is no significant new product coming into the market, which is driving up rents.
The building acquisition adds to Prologis Southern California portfolio. As of December, Prologis owns or manages 221 industrial buildings totaling 31M SF in the Los Angeles and Orange County area.
Prologis' acquisition of DCT Industrial gives the company a larger share of the industrial market in Southern California.
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