Hager Pacific Closes Fast on $3M Deal

ORANGE, CA-Hager Pacific Properties has purchased a 50,000-sf industrial facility on a three-acre parcel from David Wilson, the owner of Toyota of Orange, for approximately $3 million.

The property is at 533 W. Collins Ave. and is 100% leased to M2 Automotive and Andy Gump Temporary Construction Services, according to Robert Neal, Newport Beach-based partner in the firm and one of its co-founders along with partners David Hager and Adam Milstein.

Neal tells GlobeSt.com that Hager Pacific, a specialist in fast closes and value-added deals, completed due diligence on the 533 W. Collins property in five days and then closed the sale four days after that to meet the seller’s requirement for a quick closing. The company has already added value, too, by bringing in Gump as a tenant just a few days after the closing of the sale. Allen Buchanan of Lee & Associates in Anaheim represented the buyer, with Casey Griffin of Trammell Crow Co.’s Irvine office representing the seller.

The 533 W. Collins building was constructed in the 1960s and served for a time as an auto body repair shop for Toyota of Orange. Besides the single-story, concrete tilt-up building, the property includes a yard of approximately one acre in the rear that was not leased before Hager Pacific bought it. It is now leased to Gump, Neal adds.

Neal tells GlobeSt.com that Hager Pacific is focusing on industrial properties these days although the company did acquire the 850,000-sf Baldwin Hills Crenshaw Plaza Mall for $68 million last month, more than doubling its Southern California retail portfolio in the process. A month before that, it bought a 488,817-sf warehouse and distribution center,formerly occupied by Heilig-Meyers, in Hesperia.

Hager Pacific seeks value-added plays in a number of ways, Neal says, including the leasing of empty space in its acquisitions, new marketing programs to fill space or boost tenant quality, remediation of environmental issues, adding parking or other amenities, and in a number of other ways.