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6/07/18
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Rockpoint Group LLC has completed its purchase of The Summit Office Campus, a five-building, 479.5k sf mid-rise office project in Aliso Viejo. The asset was sold by a global investment advisor in a deal said to be worth north of $150 mil.
Built between 1998 and 2000, and located at 65, 75, 85, 95 and 101 Enterprise on approximately 20.7 acres, The Summit Office Campus consists of three, three-story and two, four-story multi-tenant office buildings which are currently 79% occupied by a roster of notable tenants including Tech Space, NuVasive, Inc., Pacific World Corp., and Microsoft Corp., among others. The campus offers serene greenbelts and outdoor collaborative areas, water features, large floorplates, tall ceiling heights, mountain views, and ample structured and surface parking.
The property is located within the South Orange County submarket and offers direct access to and high visibility from the San Joaquin Hills (SR-73) tollway which sees approximately 77,000 vehicles per day. The location also offers easy access to the 405 Freeway and State Route 133.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Brunson Howard and Ken White and Managing Directors Rick Stumm and Blake Bokosky represented the seller in the deal. Rockpoint Group was self-represented.
“The Summit Office Campus provided the buyer with an institutionally built, managed and maintained office project in the heart of the amenity-rich master-planned community of Aliso Viejo, as well as greater South Orange County,” said Jones. “Rockpoint intends to undergo a heavy reposition and re-branding on this asset in order to push market rents, drive leasing velocity and create a very unique office campus like nothing else in the submarket.”
The Summit Office Campus is within walking distance to a number of retail amenities and restaurants at the Town Center at Aliso Viejo, a regional center with more than 30 restaurants, an Edwards movie theater, Trader Joe’s, Ralph’s, Walgreens and CVS. The asset is also near almost 2,000 multi-housing units as well as a wide array of single family communities and is adjacent to The Summit Renaissance ClubSport Aliso Viejo, a luxury fitness center.
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