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7/19/10
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Kilroy Realty acquired a 98.6k sf office building in Orange County for $22.25 mil ($226/sf). The building, located at 999 Town and Country Rd, south of the 22 Fwy and east of Main St in the city of Orange, is a 100 percent leased, single tenant office building.
The total site area of the property is six acres, with excess land entitled for future medical office development. The property’s location is in close proximity to regional medical centers including St. Joseph’s and Children’s Hospitals.
The tenant, AECOM, which currently occupies the entire building, recently completed extensive renovations and improvements to the building. The current lease expires in 2018 and includes two, five-year options to extend.
Kevin Shannon, Bob Smith, Gary Stache, Paul Jones and Karen Scholte of CB Richard Ellis represented Kilroy and the seller, an undisclosed institutional investor. While many other major buyers remain on the sideline during these more challenging times for the commercial real estate industry, Kilroy has been an active buyer. They also just completed a $70 mil acquisition of Mission City Corporate Center, a four-building, 279k sf office complex in San Diego’s Mission Valley submarket.
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