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8/15/16
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Greenlaw Partners and Walton Street have recapitalized three Orange County, Class A multi-tenant office buildings in a transaction worth $108.5 mil. The deal is for three properties in the city of Orange, including: 600 City Parkway West (199.1k sf); 3800 Chapman (169.9k sf); and 500 City Parkway (70.3k sf).
This is a strategic recapitalization for Greenlaw Partners, who successfully executed their business plan by repositioning the three office buildings via capital improvement projects and lease-up. Greenlaw Partners and Walton Street had purchased the buildings separately in 2014 and 2015. Since then, the firm has achieved full occupancy on all three buildings, as well as gaining entitlement for two multifamily development projects on a portion of the existing parcels.
Built in 1984, 3800 Chapman is a fully leased, eight-story institutional quality office tower with tenants that include American Advisors Group, Home Depot USA, and the FBI. 600 City Parkway West is a 10-story, Class A office building that is approximately 97 percent occupied with tenants that include Prospect Medical Holdings, ADOC Acquisition Company, and the Department of Health & Human Services. 500 City Parkway is a four-story, Class A office building that is 100 percent occupied by tenants that include Old Republic National Title and Reliant Financial Corporation.
NGKF Capital Markets President of West Coast Capital Markets Kevin Shannon, along with Senior Managing Director Paul Jones and Executive Managing Director Ken White, represented the existing Greenlaw Partners and Walton Street in the transaction.
An institutional advisor, who is a current partner of Greenlaw Partners on various Orange County projects, recapitalized the partnership and will retain Greenlaw Partners as operating partner going forward.
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