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ORANGE COUNTY NEWS
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Lake Forest Office Complex Trades Hands in $30 Mil Deal

6/18/15

Palm Terrace, a three-building, 155.8k sf Class A office complex in Lake Forest, was acquired by Foster City-based investment advisor Bailard Inc, in conjunction with CT Realty, out of Aliso Viejo. The asset was sold by LaSalle Investment Management for $30 mil ($193/sf).

Palm Terrace, located at 25521, 25531 and 25541 Commercentre Dr, is home to the corporate offices for Del Taco and serves as the Orange County headquarters for Portfolioco, Anyone Home Inc and Parsons. The three two-story buildings offer approximately 52k sf each and are 90 percent leased. The building at 25521 Commercentre Dr is fully leased with the remaining two buildings offering space ranging from 2.3k sf to 20.9k sf.

Located on a 9.4-acre site, Palm Terrace offers exceptional freeway access to I-5 and the 241 Toll Road. The property features a campus environment with outdoor eating area and courtyard as well as close proximity to a variety of retail amenities, including a variety of food options and 24-Hour Fitness.

Interior finishes and common areas for the buildings have marble flooring, granite countertops and stainless steel staircase railings, while tenant suites offer over-sized windows and high ceilings to allow for ample natural light. The buildings also meet all new ADA requirements.

Amenities at Palm Terrace include onsite property management, space planning services for tenants, roaming security guards for after hours, and flexible cabling, telecommunication and fiber options. Floorplans can be demised to meet the needs of a variety of tenants. The property also features multiple entrance points with abundant surface parking surrounding the buildings.

Longtime Orange County real estate investment and development firm CT Realty will serve as the asset manager and provide professional management services. Jay Nugent and Greg Puccinelli with JLL’s Irvine office will retain the leasing assignment.

The project is located within the highly desirable South Orange County submarket. At 10.5 percent vacancy, South County has the lowest vacancy of any submarket in Orange County, according to Steve Provencio of CT Realty. Provencio said the tight submarket is the result of recent leasing velocity, citing a vacancy rate of 15.6 percent for the submarket just two years ago.

Bob Prendergast and partner Baker Morphy with JLL represented LaSalle Investment Management in the transaction. CT Realty repped the purchaser.





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