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9/05/17
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Drawbridge Realty has acquired a fully leased, 144.9k sf, Class A office/R&D building in Lake Forest for $32.4 mil. Located at 26200 Enterprise Way, the single-tenant, net-leased facility was sold by Barings Real Estate Advisers, part of Barings LLC, one of the world’s largest diversified real estate investment managers.
Since its construction and build-to-suit design in 2000, the property has long served as the main corporate headquarters building for Panasonic Avionics Corporation as part of its larger 18-acre, seven-building 500k sf global headquarters campus in Lake Forest. The institutional-quality building stands two stories in height and features attractive designs and finishes, large floor plates with flexible configurations, and abundant surface parking.
Jeffrey Cole, Ed Hernandez, and Nico Napolitano of Cushman & Wakefield’s Irvine office represented the seller in the disposition, with John Harty of the same office also providing local market advisory. The price was not disclosed.
“The stability of this high-profile credit tenant investment property is augmented by its location in Orange County, which has reached its lowest vacancy in a decade and the second highest average asking rent in 10 years,” commented C&W’s Cole. “These strong market fundamentals combined with an advantageous financial profile, high-quality construction, and a desirable credit tenancy created an outstanding investment opportunity in Southern California.”
According to Hernandez, 26200 Enterprise Way contains Panasonic Avionics’ executive offices and critical lab areas, including separate engineering and laboratory space for each of the company’s distinctive airline clients. The company has maintained the property to the highest institutional standards with substantial investment in tenant improvements during its 18-year tenancy.
26200 Enterprise Way provides an ideal location in South Orange County, considered as a major tech hub. Strategically located within Pacific Commercentre, a sought-after master-planned business park, the property offers an exceptional location with exceptional regional access via several nearby freeways, as well as proximity to desirable executive residential communities and a wealth of restaurants, retailers and entertainment.
According to Cushman & Wakefield’s latest market reports, South Orange County displayed an overall office vacancy of just 6.3% in the second quarter of 2017, the lowest of any sub-county office market, while its R&D/flex inventory commanded a mere 1.6% vacancy rate at midyear.
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