Industrial Sector Offers Prime Opportunity for Acacia

Acacia Properties is about to break ground on three speculative industrial buildings totaling 73,000 sf on one of the last parcels of the A.J. West Ranch development in this fast-growing area of Orange County.

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

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

Pittman says Acacia Capital also recently completed construction of a 43,566-sf flex-tech building at Alton Parkway and Hughes in the Irvine Spectrum and is already in “serious negotiations” with a prospective tenant who wants the entire building.

“We’re looking for other opportunities to do some more projects in Orange County,” says Pittman, a former partner of Los Angeles-based Zelman Development. “We’re totally focused on Orange County. We think it’s still a strong market and there’s still some opportunities to pursue, especially in north Orange County in the industrial sector.”