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.
Construction on a three building spec industrial project in Corona has been completed. The new Thomas Ranch Business Park is comprised of 22,869, 46,944 and 59,502 square foot buildings, each having been sold at market high prices. The adjacent 4.5 acre plot of land has also been sold.
Construction is nearly complete on a three building spec industrial project in Corona with an April 2017 completion date. Buildings will be 23,000, 40,000 and 60,000 square feet. The 23,000 square foot and 60,000 square foot buildings have already been pre-sold at market high rates. 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 Real Estate Investments has developed a 3 building project, consisting of one 95,000 single tenant building, one 105,000 and one 120,000 square foot multi-tenant product for lease. The single tenant building was sold at a market high price of $131/SF. The multi-tenant buildings are 100% leased before the completion of construction. All three buildings will be delivered in April 2017.