The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 22, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
Crowne Pointe Equity Picks Up OC Office Asset for $17 Mil

10/17/19

Crowne Pointe Equity acquired a 45.2k sf office building in Brea for $17 mil, or $376/sf. The two-story, newly renovated office property is located at 130 S. State College Blvd in North Orange County.

The campus features on-site amenities, freeway frontage and is in proximity to the 1.3 msf Brea Mall. Pacific Western Bank currently occupies 100% of the building and has been a tenant since 2009. The building is located along Hwy 57 with easy access to the Los Angeles basin.

Some capital improvements, made by the owner, include an outdoor renovation, new roof overlay, curtain wall caulking and integration of a new building management system.

CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Rick Warner and Chip Warner represented the seller, Hines. The buyer, a California-based real estate investment and management company, was repped by an outside broker.

“This is a great property in a highly strategic location,” said Mack. “Brea and its neighboring cities offer two world-class universities with exceptional STEM graduates feeding the region’s demand for technical skills and filling housing inventory. Brea’s well-established reputation as a business-friendly city has been attracting a host of global companies, many of which are headquartered in the city.”

Added DeLorenzo, “Orange County’s economic and real estate fundamentals have been strong and are expected to remain that way for the remainder of the year. Especially well-located, quality office space, such as this one, continues to be in high demand. This region’s positive economic climate and strong user and investor demand bodes well for quality product in well-located cities such as Brea.”

Orange County’s low-rise office product has consistently outperformed its high-rise product over the last 10 years, according to CBRE research. More specifically, Brea’s low-rise office submarket has experienced exceptionally healthy and steady growth since mid-2011, with vacancy at a mere 4.3% as of the second quarter. Rental rates are likely to climb 19.1% over the next 5 years, according to CBRE.






Return to the Archive page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media