Newport Beach-based Turner Real Estate Investments bought two industrial properties in the heart of Orange County vacated last year by Royalty Carpet Mills Inc. The purchase totaled 546,854 square feet.
Receiving strong interest from e-commerce related operators, the 414,309 square foot property located at 515 East Dyer Road was sold out of escrow to Hines.
TREI will focus on an extensive update of the remaining 132,545 square foot building located at 17352 Derian. As part of the Irvine Business Complex, it is near the Diamond Jamboree shopping center. Anticipated occupancy is January 2019.
It’s Turner’s largest industrial investment in Orange County in several years.
Sales have been swift at Turner Crossing, Santa Fe Springs where all 7 buildings have been sold.
The 70,000-square-foot industrial park is located in the City of Santa Fe Springs, CA.
Turner recently completed an overhaul of the industrial park, creating condos for purchase, as well as a facelift of the building’s facade, retrofitting, landscaping and refurbishment of the common areas. The commercial developer worked with Santa Monica-based M. Elle Designs on the refurbishment project
Construction is underway on a three building spec industrial project in Corona with a January 2017 completion date. Buildings will be 23,000, 40,000 and 60,000 square feet. The 23,000 square foot building has already been pre-sold at a market high number of $168 per square foot. There is an additional 4.5 acre plot adjacent to the project which is available for sale. For further details, please see Turner Thomas Ranch website www.turnerthomasranch.com.
Turner Crossing, Santa Fe Springs has sold out in its entirety. Turner completed an overhaul of the 70,000 square foot industrial park, putting a condo map in place, as well as a face lift of the building’s facade, retrofitting, landscaping and refurbishment of the common areas. The commercial developer worked with Santa Monica based M.Elle Designs on the refurbishment.
Using a creative acquisition structure, Turner Real Estate Investments acquired 39 acres of industrial zoned land in Chino Hills in September 2015. Seeing the need for quality multi-family housing, TREI worked with the City of Chino Hills to re-entitle 17 acres for the development of 346 units of high amenity product. The land was subsequently sold to a multi-family developer/builder.
The balance of the land is being developed by TREI into a 3 building project, consisting of one 95,000 single tenant building, one 105,000 and one 120,000 square foot dock high, multi-tenant product for lease. These will be delivered in March 2017. The 95,000 square foot single tenant building has already been sold at a market high of $131/SF, and active pre-leasing is occurring.
Newport Beach-based Turner Real Estate Investments has sold an 83,385 square foot multi-tenant industrial park in Tempe, AZ. The park featured grade level and truckwell loading, excellent freeway access and is located in the Sky Harbor Airport area. The developer partnered with Bob Buckley of Cushman & Wakefield.
Sales have been swift following the rehabilitation of Turner Crossing, Anaheim, an eight building Business Park in Anaheim that totals approximately 176,500 square feet. The property is near the intersection of the Orange and Riverside (91) freeways and along the Placentia-Anaheim city line.
6 of 8 individual buildings at the property have been sold thus far with the remaining 2 coming to market within the next 8 months. The developer partnered with Rob Socci, Mitch Zoehner and Seth Davenport, all of VOIT.
Turner Real Estate Investments has recently completed an 8 building industrial development totaling 102,739 square feet in Deer Valley, Arizona. The industrial park, as part of a three phase mixed-use commercial development, is a fully improved A-1 City of Phoenix zoned development with easy access to the I-17, Loop 101 and 51 freeways. 8 buildings range in size from 11,000 SF to 20,000 SF, 2 are cold and the remaining are currently marketed for sale.
Turner Real Estate Investments unveiled the rehabilitation of Turner Crossing, Anaheim, a seven-building Business Park in Anaheim that totals about 176,500 square feet. The property is near the intersection of the Orange and Riverside (91) freeways and along the Placentia-Anaheim city line.
Individual buildings at the property have been converted into for-sale units, and activity has been brisk, with 2 of the 7 currently in escrow.