Dave Pittman, a principal at Newport Beach-based AcaciaProperties, expects construction of the three buildings, which willrange from 20,000 to 27,000 sf—to begin this week. The buildingswill be available for sale at $205 per sf or for lease at $1.65triple-net, Pittman says.

|

"We've closed escrow [on the land purchase] and we've alreadyhad interested parties wanting to purchase one of our buildings,"Pittman tells GlobeSt.com. The complex will front Bake Parkway andwill be visible from the Foothill Transportation Corridor.

|

Pittman says Acacia Capital also recently completed constructionof a 43,566-sf flex-tech building at Alton Parkway and Hughes inthe Irvine Spectrum and is already in "serious negotiations" with aprospective tenant who wants the entire building.

|

"We're looking for other opportunities to do some more projectsin Orange County," says Pittman, a former partner of LosAngeles-based Zelman Development. "We're totally focused on OrangeCounty. We think it's still a strong market and there's still someopportunities to pursue, especially in north Orange County in theindustrial sector."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.