REAL ESTATE : Beverly Hills Firm Pays $35.2 Million for 4 Orange County Industrial Parks
Hanover Real Estate Associates of Beverly Hills bought four small industrial parks in Orange County for $35.2 million in what will probably turn out to be one of the larger real estate deals of the year.
Selling was Orange County Industrial Property Associates. Three of the parks were in Anaheim: Tustin Avenue Business Park, 1211 N. Tustin Ave.; Lakeview Business Center, 1480 N. Lakeview Ave.; and Canyon Commercentre, 5401 E. La Palma Ave.
The fourth was Costa Mesa’s Seaview West Business Park, 930 W. 16th St.
The acquisition means Hanover--an investment arm of Delaware’s Hanover Acceptances--now owns nearly 1 million square feet of industrial space worth $78 million in Orange County, most of it in Anaheim.
Altogether the firm’s real estate investments total $230 million nationwide.
The firm likes Anaheim because of the proximity of freeways and its “competitive land prices,” said C. Dennis Abramson, managing general partner of Hanover Associates and a former shopping mall designer.
