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.