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September 28, 2020
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IRA Capital Pays $73.5 Mil for OC Corporate Campus


IRA Capital has purchased Element, a 160k sf, three-building corporate campus in Aliso Viejo, for $73.5 mil ($460/sf). IRA Capital acquired the campus through its joint venture with a Middle East-based capital partner.

Element, located at 26600, 26650 & 26700 Aliso Viejo Pkwy, consists of three, two-story buildings, spanning over 12 acres. The property was sold by a joint venture between CrossHarbor Capital Partners and Waterford Property Company, which executed a comprehensive renovation plan, including an upgraded façade, lobby, common areas and exterior landscaping.

The complex is occupied by Glaukos Corporation, a publicly traded ophthalmic medical technology and pharmaceutical company. In 2019, Glaukos selected Element to serve as its new corporate and R&D headquarters and signed a 13-year, NNN lease, in addition to purchasing excess land for future development and expansion.

Element is ideally located off the 73 Freeway and minutes from the I-5 and I-405 Freeways. The campus is also proximate to hotels and multifamily living including Homewood Suites by Hilton, Vantis Apartments and City Lights Town Center Apartments as well as being within walking distance to Aliso Viejo Town Center, a 1.5 million-square-foot retail center.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Ken White, and Senior Associate Brandon White, along with JLL’s Byron Foss, Nick Carey and Curtis Ellmore, represented the seller in the transaction. According to Jones, the buyer was attracted to Glaukos’ long-term stability, credit and commitment to the campus. The transaction marks the only office transaction of this size to close in Orange County since the COVID-19 pandemic.

“When we originally acquired the former campus headquarters of QLogic in Aliso Viejo, our team put together a business plan to turn the vacant campus into a state-of-the-art creative office project,” said John Drachman, Co-Founder and President of the Commercial Division at Waterford Property Company. “We spent millions upgrading all aspects of the project, and we were excited when Glaukos decided to make the campus its new corporate headquarters. The project is a strong representation of the type of office investments Waterford anticipates acquiring in this next cycle.”

CrossHarbor Capital Partners and Waterford Property Company have partnered on multiple value-oriented and opportunistic office transactions in Southern California during the past four years.

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