Prices for industrial properties nationwide set another record for year-over-year increases, up 28.6% in May, according to MSCI on Friday. Prices were up 1.8% in May compared with a month earlier.

For decades, the nondescript industrial plants clustered just off I-405 in Newport Beach have housed computer-chip makers and other manufacturers. But the complex is in for a major transformation.

Dirt is typically not a sexy part of the commercial real estate sales market. The sector is often overshadowed by news of trophy asset deals and the latest record-setting cap rates. However, land ...