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10/08/15
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Steelwave and Goldman Sachs have acquired a 180k sf office campus in Costa Mesa for $48 mil, or $267/sf. The three-building complex, located at 3333 South Susan St, north of the 405 Fwy and east of Harbor Blvd, was sold by Emulex Corporation.
Building C, the largest building in the Class A, two-story campus, will continue to be occupied by Emulex. The remaining two vacant buildings total approximately 84k sf and will be repositioned, along with the remainder of the campus, to be one of the premier progressive office campuses in the Greater Airport Area.
CBRE First Vice President Paul Jones, along with Vice Chairman Kevin Shannon, Executive Vice President Gary Stache, First Vice President Anthony Delorenzo and Senior Associate Blake Bokosky represented Emulex in the transaction.
“This excess corporate campus is a value-add investment that will be repositioned as a premier creative campus for Orange County,” said Jones. “It is located in the Greater Airport Area submarket, directly next door to the future repositioned LA Tribune site, where there is a high demand for creative office space and which features one of the lowest vacancy rates in Southern California at 9.7 percent.
“Creative office product continues to garner tremendous attention from tenants at premium rents compared to traditional office, but also continues to be added to the shopping list of more and more institutional core funds. Most core funds have a dearth of this product type and have come to recognize the ongoing inherent value and demand for this product,” added Shannon.
Situated on 14.24 acres, the campus features a 656-space surface parking lot and 3.2 net acres for future development. It is located near numerous amenities, including South Coast Plaza, SoCO/OC Mix, Metro Pointe at South Coast and Segerstrom Center for the Arts, with access to the 405, 55, and 73 freeways.
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