Panattoni Development Co.’s Orange County Commerce Center, a four-building industrial project straddling Anaheim and Placentia that’s one of the largest industrial developments now underway in the county, has its first tenant.
The Newport Beach-based developer said last month it landed “a publicly traded commercial and residential roofing distributor” for a 10-year, 69,882-square-foot lease at the project, for the largest of the four buildings going up at the 232,000-square-foot project, whose construction began in mid-2018.
Real estate sources tell the Business Journal that the tenant is Beacon Roofing Supply Inc. (Nasdaq: BECN), a company valued at $2.5 billion based out of Herndon, Va.
Beacon has more than 500 branches and distribution facilities across the U.S. as of October, including nearly 50 in California.
The total lease consideration is about $8.65 million, according to the developer. That works out to a monthly rate of about $1.03 per square foot.
“The walls were just tilted for all four buildings,” with the first tenant signing up for the project shortly thereafter, according to Jacob LeBlanc, a partner at Panattoni.
The deal “speaks to the strong tenant demand in the 45,000 to 70,000 square foot size range in the Orange County industrial market,” he said.
Orange County Commerce Center is just off Miraloma Avenue on a 10.2-acre parcel on Van Buren Street. Each of the four buildings ranges from 47,813 square feet to 69,882 square feet.
Each will include two floors of nearly 8,000 square feet of office space.
Chris Migliori and Paul Gingrich, both executive vice presidents at DAUM Commercial Real Estate, represented Panattoni in the transaction. Curtis Krusie and John van Rossem with Mohr Partners Inc. represented the tenant.
The developer paid a reported $17.7 million for the site, which is about a mile north of the Orange (55) and Riverside (91) freeways interchange. It previously held a strawberry farm.
The purchase involves two connected 5-acre parcels, one of which falls in Anaheim, the other in Placentia. Because the property cuts across two cities, a single-building project wasn’t a possibility.
The infill site is on the edge of the Anaheim Canyon business district, one of the biggest concentrations of industrial buildings in North OC, whose warehouse and distribution buildings base totals about 105 million square feet.
Aliso Opening
Belmont Village Senior Living opens its first location in Orange County this month.
The 149-unit location in Aliso Viejo offers private residences for both assisted living and memory care.
It’s the 13th in California and the 29th overall for the Houston-based senior living facility operator.
The new site is at 300 Freedom Lane. It’s on a roughly 4-acre parcel previously owned by the U.S. Postal Service, which in 2016 sold it and another 21 acres to Newport Beach-based developer and investor CT Realty Investors.
Bank Boost
Long Beach-based Farmers & Merchants Bank has doubled up at its Orange County regional headquarters in Newport Beach.
The bank—which operates 25 branches across OC, Long Beach, the South Bay and Santa Barbara—said it upgraded and expanded its MacArthur Court location, not far from John Wayne Airport.
The bank’s formerly 5,000-square-foot spot at the Irvine Co.-owned office complex now runs 10,000 square feet. It provides trust, teller and lending services there.
The expansion was done “to better accommodate local business and personal clients,” according to F&M, which said its Farmers and Merchants Trust Co. affiliate will now be located in the offices.
FMTC offers products like wealth management, trust administration and agency accounts for individuals, attorney firms, foundations and investment companies.
Similar renovations took place at the bank’s Rolling Hills Estates office in 2015, its Fullerton office in 2017 and at its Rossmoor office last year.
Farmers & Merchants Bank has $7.3 billion in assets. It was founded in 1907.
