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9/08/15
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Talega Corporate Center, a 43.7k sf office building within the affluent, master-planned community of Talega in San Clemente, sold for $9.25 mil, or $212/sf. Talega Corporate Center is located at 1211 Puerta Del Sol, at the prime intersection of Avenida Pico and Avenida Vista Hermosa.
Talega Corporate Center was built in 2002 and is situated within Talega Business Park, which comprises 750,000 sf of office, light industrial and R&D space as well as a medical plaza and urgent care facility on 67 acres. The property is across the street from Talega Golf Club, and is near retail amenities, including the Plaza Pacifica shopping center and Talega Village Center.
Avison Young Principals Dan Vittone and Alan Pekarcik represented the seller, Providence San Clemente Commercial LLC. Tim Walker of Lee & Associates assisted Avison Young in the sale marketing campaign. The buyer was a private investor from Los Angeles. The property was 100% leased by four tenants at close of escrow.
“Talega Corporate Center offered the buyer all the key fundamentals when seeking a stable, long-term investment opportunity,” noted Vittone. “It’s full occupancy, scheduled rental income growth, tight submarket, and overall quality of construction and finishes secured a strong sale price of more than $211 per square foot.”
The property is situated in the San Clemente / San Juan Capistrano / Dana Point submarket of south Orange County. The submarket currently ex¬hibits a 5% office vacancy rate – one of the lowest vacancy rates in Or¬ange County, which has an overall vacancy rate of approximately 12%.
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