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North Palisade Buys Irvine Property, Plans $24M Industrial Project
Industrial investment and development firm, North Palisade Partners, has acquired a 2.45-acre industrial property in Irvine, CA for $11 million. The company plans on tearing down an existing building on the site and then constructing a Class A infill industrial warehouse.
Located on Mitchell South, and less than a mile from John Wayne Airport, the newly planned $24 million development, called North Palisade Red Hill, is expected to be completed in early 2025.
North Palisade’s Joe Mishurda said, “We continue to seek well-located assets that provide opportunities to add value either through repositioning, renovation or redevelopment. In this purchase, we plan to replace the existing building with a modern 48,000 square foot industrial facility that could accommodate a local manufacturing or logistics user.”
North Palisade is looking to deliver product in an Irvine submarket where industrial buildings are supply constrained due to a lack of developable land and few adequately sized parcels.
Pictured: Rendering of North Palisade Red Hill
- ◦Sale/Acquisition
- ◦Development
