WESTMINSTER, CALIF. — A real estate fund managed by Ares Management has acquired a freestanding industrial distribution building in the Orange County city of Westminster from an undisclosed seller. Terms of the transaction were not released.
Situated on 11.8 acres at 7400 Hazard Ave., the 258,506-square-foot building features 22- to 24-foot clear heights, ample dock-high and grade-level loading, abundant auto parking and 40 off-dock trailer parking stalls. At the time of sale, the property was 72.6 percent leased.
Jeff Chiate, Jeffrey Cole, Rick Ellison and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group – West represented the seller in the deal. Randy Ellison and Kyle McGillen of Cushman & Wakefield provided leasing advisory and were retained by the buyer to continue leading project leasing for the asset.
Additionally, Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance secured acquisition financing for the buyer.