Pacific Aerodynamic Inc., which specializes in the repair of compressor blades for airplane jet engines, has found a new facility in its hometown of Orange.
The aerospace component manufacturing company recently moved into a just-built, 52,000-square-foot industrial building at 2390 N. American Way, located on a four-acre site between Glassell Street and the Santa Ana River.
The building is one of two new industrial properties recently developed on the site by Los Angeles-based REIT Rexford Industrial Realty Inc. (NYSE: REXR), which acquired the then-vacant property, located less than a mile from each of the Orange (55), Costa Mesa (57), and Riverside (91) freeways, for $16.7 million about four years ago.
A separate, 52,000-square-foot building on the site, at 2442 N. American Way was recently leased to United Tile, a provider of wall tile and flooring products, according to CoStar records. It’s United Tile’s only local warehouse.
Pacific Aerodynamic’s 62-month lease is valued at nearly $5.3 million, according to brokers with Lee & Associates, who worked on the deal. That works out to an average monthly rent of about $1.63 per square foot.
Dan Kruse of Lee & Associates Orange and Jonathan Mejia of Lee & Associates Newport Beach represented the tenant in the lease.
The property features 6,000 square feet of office space, 32-foot warehouse clearance, and four dock-high doors, the brokers said.
Serving Airlines, Overhaulers
Pacific Aerodynamic got its start in 2007.
“As businesses and corporations were moving operations overseas, President and CEO George Kassaseya saw an opportunity,” the company’s website says.
“Rather than forcing airlines and overhaulers to send compressor blades halfway across the globe, he had a vision of creating a highly specialized repair facility in the heart of California.”
“Dedicated to the repair of compressor blades and vanes, our multiple facility operation combines state-of-the-art techniques for welding, machining, and profiling with advanced process and production systems,” the company says.
Pacific Aerodynamic can repair over one million compressor airfoils annually, it says. The company also provides aerospace welding and vacuum heat-treated services to both airlines and overhaulers.
New Owner
The new lease comes a few months after the company’s sale to a much larger aircraft supply company.
New York’s FTAI Aviation (Nasdaq: FTAI) announced in July that it acquired 100% of the equity in Pacific Aerodynamic, a move designed to boost the parent company’s repair capabilities.
Terms of the sale were not disclosed.
FTAI counts a nearly $19 billion valuation; it offers a variety of maintenance, refurbishment and repair services for aircraft engines. It also has another line of business focused on leasing aircraft and engines.
