Hines sells industrial logistics facility in Santa Ana, Calif.

Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana, Calif., for $113.5 million.

The 373,942-square-foot facility, located close to the SR-55 and I-5 freeways and John Wayne Airport, offers strong visibility, flexibility and scale in a highly desirable Orange County industrial market where much of this product type is largely being torn down for multifamily development. Purchased in 2017, Hines implemented a robust capital improvement plan, and the facility now includes a new roof, seismic retrofit, expanded trailer parking, office upgrades, landscape and signage. The facility is leased through 2034 and is well positioned for last-mile distribution or more traditional manufacturing and warehouse tenants in southern California.