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ORANGE COUNTY NEWS
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OC Office Complex Goes for $32.8 Mil

6/23/17

Benchmark Holdings paid $32.83 mil for Alton Deere Plaza, a 185.2k sf ($177/sf), multi-tenant office park located in the Irvine Business Complex in the city of Santa Ana.

The property, located at 1920-1940 Deere Ave, consists of six one- and two-story office buildings. The project is 96% leased to 21 tenants, including Verizon, XO Communications and American Cancer Society with in-place average rents 28% below market.

CBRE’s Anthony DeLorenzo, Gary Stache, Sean Sullivan, Todd Tydlaska and Ted Snell represented the seller in the transaction. Shaun Moothart and Bruce Francis, also with CBRE, facilitated a five-year floating-rate bridge loan priced in the mid 200’s over LIBOR, with interest-only for the entire term of the loan.

“The OC office sector is marked by tremendous demand and can currently be characterized as a landlord market due to the low availability rate,” noted DeLorenzo. “Strong, diversified employment growth in Orange County continues to be the primary driver of the improving fundamentals at this point in the cycle.”

Particularly the Greater Airport Area office market continues to be characterized by strong fundamentals with positive net absorption, lack of available space and robust rental rate growth, according to CBRE research. The vacancy rate for low-rise office space recently dropped to a historic low of 8.1% in the Irvine Business Complex. Overall average rents are likely to increase 17.5% over the next three years.





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