MIG Real Estate Snags Industrial Park in Orange County for $33M
MIG Real Estate has acquired another multi-building industrial park in Southern California.
The investment firm purchased the Mission Viejo Business Center at 23811-23891 Via Fabricante in Mission Viejo for $33.3 million, property records show. Cushman & Wakefield (CWK) represented the seller but did not disclose the name. However, property records show it was owned by the Los Angeles County Employees Retirement Association.
The 100,295-square-foot business center consists of six multi-tenant industrial buildings on approximately 7.65 acres and is 99 percent leased to 43 tenants.
“The project is centrally located within the Mission Viejo submarket, servicing a broad range of tenants and local companies seeking highly functional and divisible industrial space,” Cushman & Wakefield Vice Chairman Bryce Aberg said. “The property also offers a variety of bay sizes, 10-foot to 16-foot clear height, grade and dock-high loading doors, and concrete truck courts to support the needs of various midsize industrial tenants, a segment we continue to see strong demand.”
The Mission Viejo Business Center is in Orange County, 49 miles southeast of Downtown Los Angeles. Built in 1975, the property is about a mile east of Interstate 5 and about 20 minutes drive Southeast from the John Wayne Airport in Santa Ana.
MIG Real Estate has made other big moves in Southern California recently. The firm announced it purchased a 456-unit apartment complex in Vista, a city north of San Diego, for $174 million in early October.
MIG also acquired a seven-building, 156,717-square-foot industrial complex in San Bernardino for $26 million earlier this year.
Nick Trombola can be reached at NTrombola@commercialobserver.com.