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12/14/16
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In a recent OC office investment deal, JCR Capital has purchased Brea Corporate Plaza and Brea Park Centre, a four-building portfolio in the Orange County community of Brea. The buildings, which total 290.7k sf, fetched $55.6 mil, or about $191/sf. JCR used $39.06 mil in financing to fund the buy.
Brea Corporate Plaza and Brea Park Centre consist of multi-tenant office buildings located at 500 S. Kraemer Blvd, 2601 Saturn St, 2650 Imperial Hwy and 3230 E. Imperial Hwy. All four properties offer exceptional visibility along Imperial Hwy and immediate access to more than 4 msf of retail and service amenities, and a variety of executive housing options throughout Orange County. Within walking distance is La Floresta, a 120-acre master-planned community featuring Whole Foods, Corepower Yoga and Mendocino Farms as well as 1,100 residential units and neighborhood parks. Combined, the properties are 85 percent leased to tenants, including Nestle, FoxConn, Citizen Business Bank and Sedgewick Claims Mgmt.
Ryan Gallagher, Derreck Barker and Tim Geiman with HFF represented the seller, The PRES Companies and Mariner Real Estate Management, and also procured JCR, who provided the majority of the equity capital for the purchase. The PRES Companies will retain an ownership stake in the property, through a venture with JCR.
This is the first acquisition for the partnership of JCR/PRES in which their proposed business strategy will be to sell off the four buildings on an individual building basis over the next few years. PRES will retain a strong working relationship with Mariners as the partnership will continue on other known holdings.
HFF’s John Chun, Lee Redmond and AJ Manas secured the three-year, floating-rate acquisition loan through Prime Finance. The financing has two 12-month extensions and was used to acquire the asset and fund additional advances for capital improvements and leasing costs.
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