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7/16/14
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In a recent OC office deal, Greenlaw Partners purchased the City Parkway Collection, a Class A, 269.4k sf two-building office portfolio in the City of Orange, for $45.5 mil ($169/sf). The buildings are located at 500 & 600 City Parkway West, north of the 22 Fwy and west of I-5.
The office project is approximately 83% occupied. Sitting on a total of 7.85 acres of land, the property consists of a four-story office building developed in 1978 and renovated in 2002 as well as a ten-story office building developed in 1978 and renovated in 2002.
The buildings were sold by Long Beach-based The Abbey Company. Kevin Shannon, Ken White, Scott Schumacher, Bob Smith, Paul Jones and Blake Bokosky of CBRE’s Institutional Properties Group as well as Gary Stache, Pat Scruggs and Anthony DeLorenzo of CBRE’s Investment Properties Group repped the seller in the transaction.
“The Abbey Company purchased the project at an attractive basis significantly below replacement cost and peak pricing. Ownership was able to re-position and lease-up the project over the past couple years, as the Central Orange County market fundamentals continue to improve,” added Mr. Jones.
This is Greenlaw Partners’ second major local office acquisition in the past twelve months after its purchase of the Orange City Plaza last year. The company paid approximately $56 mil for that 362k sf office high-rise, situated less than a quarter-mile from the City Parkway Collection.
The City Parkway Collection is in immediate proximity to the Outlets of Orange, formerly The Block of Orange, which boasts more than 120 stores/services, 30 restaurants and a movie theater. It’s also near the Santa Ana (I-5), Garden Grove (SR-22) and Orange (SR-57) Freeways providing quick and convenient access to all of Southern California. The Orange County John Wayne Airport is southwest, approximately eleven miles away on the Santa Ana (I-5) and Costa Mesa (SR-55) Freeways.
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