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10/30/19
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Harbor Associates LLC has acquired a two-property, Class A Orange County office portfolio totaling more than 365k sf in a transaction worth $80 mil ($219/sf). The new acquisitions include: Anaheim City Centre, a 10-story 195k sf tower in downtown Anaheim; and Crown Cabot, a six-story 173k sf property in Laguna Niguel.
Harbor will immediately begin renovations across the portfolio which will include lobby enhancements, building exterior improvements, new signage, move-in ready suites, EV charging stations, LED lighting retrofits and restroom and corridor updates.
The acquisition follows Harbor’s $72.8 mil portfolio sale of the recently renovated three-building, 211k sf Create Tustin campus in Tustin, located near I-5 and Jamboree Rd. Harbor's Orange County office portfolio includes eight projects totaling nearly 1 msf. The company has acquired 25 assets in the last five years and the firm’s Southern California portfolio has grown to more thanr 2.75 msf.
“We continue to find interesting opportunities in Orange County and Southern California. Anaheim City Centre and Crown Cabot are two of the premier assets within their respective submarkets and we believe our planned renovations will be well received by the market,” said Harbor’s Paul Miszkowicz.
This portfolio represents the 25th office acquisition in the last five years for Harbor. The firm intends to build on its recent momentum by sourcing new opportunities and pursuing similar strategies throughout Southern California with the goal of acquiring $250 mil over the next 12 months.
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