LOS ANGELES–A joint-venture partnership of locally based Hanover Financial Co. and Werdin Co. of Newport Beach purchased a 5.3-acre parcel in Santa Ana and plans to build a 101,000-sf industrial park on the site.

The parcel is on Dyer Road, adjacent to the Costa Mesa Freeway. The new park will have 12 for-sale buildings ranging from 6,700 to 11,000 sf each. Acquisition and construction costs combined will total about $11.3 million, according to Mark Macedo, Hanover Financial managing director.

The project is in Orange County’s red-hot Airport Area market. “We think this development is going to do very well because it’s the first project that will have small industrial buildings on a for-sale basis to be built near John Wayne Airport in more than a decade,” Macedo says.

The Irvine office of Colliers Seeley represented the Hanover-Werdin partnership, known as HW-Dyer LLC, in the acquisition and will also handle the new project’s marketing duties.

LA-based Hanover Financial invests in existing and planned commercial real estate projects on a joint-venture equity basis, and Dyer Business Center represents its 24th deal since its inception only 18 months ago. Werdin specializes in the acquisition and development of office and industrial properties in Southern California and Arizona.

The partnership purchased the parcel from manufacturing and engineering conglomerate ITT Industries, which owns a facility next door. ITT represented itself in the transaction.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


© 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.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.