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2/24/15
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An affiliate of Menlo Equities purchased Campus South County, a Class A, 288.3k sf office campus in Foothill Ranch. Located at 27042, 27051 and 27121 Towne Centre Dr, north of the 241 Toll Road and East of Bake Pkwy, the complex was sold by New York-based MetLife.
Although we don’t have the deal price, a local pro we spoke with estimates the property traded for somewhere in the neighborhood of $50 mil.
Developed in 1999 and situated on a total of 18.4 acres of land, the property consists of three, two-story office buildings featuring large floor plates and above standard parking. A 2014 renovation project included the addition of a state-of-the-art conference center, a tenant lounge and a Wifi-enabled, outdoor meeting area.
Fronting the Foothill Transportation Corridor (SR-241), the Campus South County is in immediate proximity to the Foothill Ranch Towne Center, one of the largest power centers in Orange County with more than 1 msf of retail and service amenities. It also offers convenient access to the Irvine Spectrum retail and entertainment center, as well as to the John Wayne Airport.
Kevin Shannon, Paul Jones, Bob Smith and Blake Bokosky of CBRE’s Institutional Properties Group represented the seller in the transaction.
“The Campus South County is 58 percent leased to a unique mix of creative and tech-driven tenants. This compelling tenant mix, combined with the property’s strategic location and value-add positioning, fueled tremendous interest and resulted in more than a dozen offers from quality capital,” said Jones, a Vice President in CBRE’s Newport Beach office.
“Investment capital is attracted to Orange County because of the comparative basis advantage compared to other coastal markets and the dramatic disparity that still exists between today’s rents and values versus peak rents and values. Orange County has more upside potential than most coastal markets because of these dynamics,” noted Shannon, who leads CBRE’s West Coast Institutional Group for the office sector.
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