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3/30/16
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Centrum South, a five-story, 90.2k sf office building in the city of Orange, was acquired for $20.46 mil ($227/sf) by a client advised by investment advisor Bailard Inc, in partnership with CT Realty. The property, located at 725 W. Town & Country Rd, west of I-5 and south of 17th St, was sold by Scientific Investments LP.
Situated on a three-acre site in the heart of Orange County’s central business district, Centrum South enjoys a premier location with freeway frontage along the Garden Grove Freeway (SR-22) and convenient access to both Interstate 5 and SR-55. The Class A building also offers flexible floor plates to accommodate users ranging from 550 sf to 19k sf and free onsite parking.
Centrum South is currently 83 percent leased with 57 percent of the building occupied by four tenants totaling 51.7k sf. The largest tenant, Jacobs Engineering, a full-service railroad engineering consulting firm, occupies nearly 19k sf of the property.
CT Realty will serve as the asset manager and provide professional management services for the office property. The company also plans to renovate the property’s landscaping, restrooms, common areas and add outdoor amenities prior to leasing the remaining space in the building. David Dowd and his team from CBRE’s Newport Beach office have been retained to handle the leasing and marketing of the asset.
Paul Jones and Kevin Shannon with NGKF represented Scientific Investments in the transaction. CT Realty repped.
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