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1/10/17
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Stillwater Investment Group, in a joint venture partnership with CrossHarbor Capital Partners, purchased a three-building office campus in Aliso Viejo. Located at 26600, 26650, and 26700 Aliso Viejo Pkwy, the 161k sf property was acquired for $36 mil ($224/sf).
Built in 1999, the campus encompasses three, two-story buildings with 2.5 acres of excess land. The site has been the corporate headquarters for QLogic, a wholly owned subsidiary of Cavium, Inc, a global leader and technology innovator in high performance server and storage networking connectivity products. On the heels of the acquisition of QLogic by Cavium in August 2016, it was announced that QLogic would relocate its remaining Orange County operations to the Irvine Spectrum.
“This campus is one of the best-in-class office campuses in South Orange County. We were able to acquire it at a price well below replacement cost,” said John Drachman, founder, Stillwater Investment Group. “South Orange County and specifically Aliso Viejo will continue to see strong tenant demand given the quality amenity base, accessibility to transportation, housing options and a highly-educated labor pool.”
The partnership will improve the project by demolishing the older interior finishes while upgrading all of the common areas of the project with plans to immediately begin marketing the property to larger users in search of a campus-style project with an easily accessible collection of workforce-oriented amenities.
This transaction marks the second acquisition between Stillwater Investment Group and CrossHarbor Capital Partners. The partnership intends to continue its focus on acquiring value-add office acquisitions in Southern California.
The seller was represented by Byron Foss and Greg Tippin with Newmark Grubb Knight Frank (NGKF).
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