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February 24, 2018
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ORANGE COUNTY NEWS
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Kearny Real Estate Company Picks Up 197k sf OC Office Asset

1/24/18

Kearny Real Estate Company has acquired Elevate@Harbor, a 197.4k sf office campus in Santa Ana, for $34.8 mil, or $176/sf. The property was sold by The Colton Company.

The newly named Elevate@Harbor includes two mid-rise buildings on eight acres at 3100 – 3130 Harbor Blvd in the South Coast Metro West submarket. Built in 1982, the three- and five-story glass curtain wall buildings were built on top of one level of podium construction creating nearly an acre of open space.

To capitalize on the building’s functional layout, which can accommodate full and partial floor users, Kearny plans on investing approximately $15 mil to reposition the office campus, according to Kearny Partner Hoonie Kang. Kearny plans on taking advantage of the unique aspects of the building which starts with the podium construction.

The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. With the podium elevated off of the street, the shared outdoor area set between the two buildings will create a true campus feel and provide shared indoor/outdoor conference areas, meeting spaces and an upgraded café and dining area.

“The South Coast Metro West, which was once a pocket of industrial and older office product, is undergoing a transformation to office use, attracting dynamic companies, a millennial workforce and exciting amenities to the area,” said Kang. “We have personally been witness to the area’s reinvention, having spent two years processing entitlements for The Press prior to its sale.”

Elevate@Harbor is located less than a mile from The Press, a 24-acre redevelopment project that Kearny and Tribune Media Company sold last month to Steelwave LLC and Invesco for $64.7 mil. Other nearby developments include the Hive, the home of the Los Angeles Chargers, Van’s recently completed global headquarters and retail destinations SOCO, The OC Mix and South Coast Plaza.

“Kearny’s purchase of Colton Corporate Center presents a unique opportunity for them to re-brand the property, as the South Coast Metro area is undergoing a tremendous renaissance,” added Bob Smith of CBRE, who along with Anthony DeLorenzo, marketed the property for sale and represented both sides in the transaction.

Kearny has engaged the Orange County office of CBRE headed by Carol Trapani and Allison Kelly to oversee leasing for Elevate@Harbor.





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