Newport Beach industrial investor North Palisade Partners is ramping up its local acquisitions, with plans to develop a new logistics center for its latest buy in the Anaheim Canyon District.
The company recently closed on a 7.8-acre site at 1477 N. Jefferson St., between Miraloma Avenue and Orangethorpe Avenue. It was formerly home to an oil refinery owned by PBF Energy Inc.
North Palisade Partners is planning to develop a last-mile logistics and fulfillment center on a speculative basis for e-commerce tenants, according to Joe Mishurda, managing partner.
“Orange County has very few industrial sites available for new development, especially sites offering more than 5 acres of contiguous land,” Mishurda said in a statement, adding that the site is “a rare infill location with excellent access to the region’s critical 91, 57 and 55 freeways.”
The company paid Torrance Logistics Co. $14 million, or $1.8 million per acre, for the site near the Atwood neighborhood. It plans to spend an additional $22 million on developing a new logistics site. The size of the project, or number of buildings planned at the center, hasn’t been disclosed.
Lee & Associates’ West Los Angeles office represented the buyer and seller in the sale, while Mike Hefner and Mike Vernick in the Anaheim office of Voit Real Estate Services will handle leasing efforts.
Construction on the Palisade Anaheim Logistics Center will start this month and is set to wrap by November.
“We are seeing increased demand from e-commerce companies for distribution facilities in supply-constrained markets close to major transportation corridors and residential communities,” said Mishurda, previously a partner at Long Beach-based Pacific Industrial LLC before launching North Palisade Partners in 2018.
The company made its first local buy last year, when it paid $9.6 million for a Tesla Motors showroom in Costa Mesa.
The Steven C. Millen Family Trust sold the 23,748-square-foot facility, just off the Costa Mesa (55) Freeway, for $400 per square foot.
North Palisade Partners said it is planning additional Orange County acquisitions, specifically “infill industrial, logistics and self-storage properties located on two or more acres.”
In the past three years, the company has acquired eight logistics and self-storage assets representing $100 million in total value.
The portfolio includes existing and in-development sites across Southern California.