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3/09/15
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An affiliate of Menlo Equities LLC closed on the purchase of 26250 Enterprise, a 76.8k sf office building in Lake Forest. The property, located south of the 241 Toll Road and east of Bake Pkwy, was sold by Bixby Land Company.
26250 Enterprise is a two-story, multi-tenant office building situated on five acres of land. It is currently 87% leased to four tenants, with 50% of the space occupied by Panasonic Avionics Corporation.
The seller was represented by Jeffrey Cole, Jeffrey Chiate, David Dowd and Ed Hernandez from Cushman & Wakefield’s Irvine office.
“With vacancy rates in Irvine in the single-digits, South County is poised for significant rental rate growth in the near term. 26250 Enterprise has both long term credit tenancy in half the building as well as multi-tenant flexibility, which makes it a smart investment,” said Jeffrey Cole, Executive Director with Cushman & Wakefield.
The South Orange County office market ended 2014 with 10.1% vacancy, the lowest in Orange County. The current vacancy rate represents a 130 basis points decline from one year ago (11.4%), accoprding to research from Cushman & Wakefield. Vacancy has significantly dropped since it reached its peak at 19.6% in Q3 2010. The direct average asking rental rate is $1.99 full service gross per square foot (PSF). Rents have risen 4.2% over the last 12 months. The market recorded 234,810 square feet of positive net absorption in 2014, marking the fifth consecutive year of positive net absorption.
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