In Orange County, industrialtenants aren't the only players struggling to find deals. With a1.5% vacancy rate, according to CBRE, ownersaren't willing to let go of their properties, making it challengingfor investors to break into the market. PacificIndustrial, however, has built a strong portfolio ofindustrial properties in Orange County, despite the tight market.The investor's latest acquisition is a 157,204-square-foot,two-building property adjacent to John Wayne Airport in Costa Mesa,which was purchased for $33 million in an off-market deal. We satdown with Dan Floriani, co-founder of PacificIndustrial, and Trent Walker, an EVP atVoit Real Estate services and Pacific Industrial'sbroker, to talk about how investors are finding opportunities,winning opportunities and where the industrial market in OrangeCounty is heading.

GlobeSt.com: Why were you attracted to thisinvestment opportunity?

Dan Floriani: Our company's approachto ownership is always long-term, so the key to our investments istheir irreplaceability. This property is exceptionally well locatedin a pocket of Orange County that attracts a very high caliber ofcompanies and employees alike. We recognized immediately that therewas an opportunity for true value creation and long-term growth,making this acquisition perfectly aligned with our ongoingstrategy.