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6/13/16
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San Francisco-based Swift Realty Partners has acquired Fountain Valley Plaza, a 107.4k sf, multi-tenant office campus in Fountain Valley. Although the price was not given out, sources estimate it went for around $21 mil ($195/sf).
Fountain Valley Plaza is situated directly off the 405 Fwy, in the greater John Wayne Airport submarket. It was 91 percent occupied by nine tenants at the close of escrow
Located at 10540 Talbert Ave, Fountain Valley Plaza sits on 4.62 acres and consists of two, three-story buildings. It was built in 1986 and renovated in 2015. The property offers a distinctive architectural design, expansive window line, building and signage visibility from the freeway, balconies, lush landscaping, outdoor areas, and ample surface and subterranean parking with direct building access.
Paul Jones, Kevin Shannon, Blake Bokosky and Scott Selke of NGKF Capital Markets represented the buyer as well as the institutional seller. The price was not disclosed.
“The greater airport submarket continues to experience positive market fundamentals, and Orange County as a whole remains a coveted destination for institutional investor groups seeking quality assets in strategic locations,” said Jones, senior managing director with NGKF Capital Markets.
President of NGKF’s West Coast Capital Markets, Kevin Shannon added: “The buyer recognized the basis opportunity to add more value by making some minor capital improvements and bringing rents to market rates as leases expire. Orange County is a great basis market at this point in the cycle.”
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