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PRES Companies Adds 290k sf of OC Office Assets to Its Portfolio

8/05/14

Irvine-based The PRES Companies has boosted its portfolio with the recent purchase of a portfolio of four, Class B office buildings totaling 290.7k sf in Brea. The assets were acquired for $42 mil ($144/sf) in an off-market transaction.

The portfolio is 72 percent leased and consists of two projects that are well located near the 57 and 91 freeways in north Orange County.

The first property in the portfolio is Brea Park Centre, which includes three buildings totaling 171.4k sf located at 2601 Saturn St, 500 S. Kraemer Blvd and 2650 E. Imperial Hwy. Brea Park Centre includes tenants such as Citizens Business Bank, General Services Administration (GSA), FIT Electronics, and the California Department of Public Health. The property offers recent upgrades to common areas including the lobbies, elevator cabs and open-air courtyards.

The second property is Brea Corporate Plaza, which totals 119.2k sf and is located at 3230 E. Imperial Hwy. Brea Corporate Plaza’s tenants include Nestle Waters and Yellow Box Corp. PRES is planning to make upgrades to the common areas including re-painting the buildings, updating the landscaping, adding new monument signs, and renovating the lobbies and corridors.

Avison Young principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented PRES in the transaction. The PRES Companies is a full-service owner and operator of office, retail, industrial, and hotel properties.

“This portfolio has performed well over recent months with significant leasing activity as the office market makes a robust recovery in key Southern California locations,” said David Bonaparte, managing principal with PRES. “The Brea office market vacancy dropped to 12 percent in the second quarter of this year and we see a great opportunity to add value to the portfolio with an aggressive leasing program as demand for office in this local area improves.”

Bonaparte added that PRES will assume leasing and management responsibilities for the portfolio.

Including this current buy, PRES has significantly added to its California property holdings over the past 12 months with more than $121 mil in office and hotel acquisitions totaling more than 667k sf. In late 2013 the firm acquired 420 Taylor Street, a 78k sf office building in San Francisco, for $27.25 mil. Early this year, the firm acquired 200 Center Street in Anaheim, a 191.6k sf office property, for $18.1 mil.

All told, the firm currently owns and operates a portfolio of over 1 msf of properties and has several value-add acquisitions in its pipeline that will significantly add to that number over the next twelve months.






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