Newport Beach, California-based North Palisade Partners LLC has announced plans to develop a $22 million industrial logistics center in Anaheim, California. The company recently acquired the 7.75-acre site at 1477 No. Jefferson St. for $14 million and will develop the Palisade Anaheim Logistics Center on a speculative basis as a logistics yard.
North Palisade Partners purchased the site from Torrance Logistics Co. and has plans to develop a last mile logistics and fulfillment center serving e-commerce tenants, according to Joe Mishurda, managing partner.
“The site occupies a rare infill location with excellent access to the region’s critical 91, 57 and 55 freeways,” Mishurda said. “Orange County has very few industrial sites available for new development, especially sites offering more than five acres of contiguous land. Currently, industrial vacancy in the North Orange County submarket stands at 1.1 percent and new supply equates to only .03 percent of current inventory.
“At the same time, we are seeing increased demand from e-commerce companies for distribution facilities in supply-constraint markets close to major transportation corridors and residential communities. The Palisade Anaheim Logistics Center represents an outstanding opportunity to meet the needs of companies wanting a convenient North Orange County submarket location for product delivery.”
North Palisade Partners will begin site improvements next month with project completion slated for November of this year. The company plans to develop the site on a speculative basis but will also customize the property according to tenant needs ranging from build-to-suit warehouses to customized low-coverage parking plans or truck terminals.
The Palisade Anaheim Logistics Center is the company’s second Orange County investment with more slated for the future. North Palisade Partners acquired the Tesla Motors showroom in Costa Mesa, California, in 2020.
Mishurda said the company is actively seeking to acquire additional infill industrial, logistics and self-storage properties located on two or more acres throughout Southern California. North Palisade Partners pursues various opportunistic and value-add investment strategies, including ground-up development, land entitlement and building repositioning.
Michael Ma with Lee & Associates’ West Los Angeles office represented both North Palisade Partners and the seller in the transaction. Mike Hefner and Mike Vernick with the Anaheim office of VOIT Real Estate Services is representing North Palisade Partners in the leasing efforts. The TerraCotta Group based in El Segundo, California, provided debt financing.