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10/17/19
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Crowne Pointe Equity acquired a 45.2k sf office building in Brea for $17 mil, or $376/sf. The two-story, newly renovated office property is located at 130 S. State College Blvd in North Orange County.
The campus features on-site amenities, freeway frontage and is in proximity to the 1.3 msf Brea Mall. Pacific Western Bank currently occupies 100% of the building and has been a tenant since 2009. The building is located along Hwy 57 with easy access to the Los Angeles basin.
Some capital improvements, made by the owner, include an outdoor renovation, new roof overlay, curtain wall caulking and integration of a new building management system.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Rick Warner and Chip Warner represented the seller, Hines. The buyer, a California-based real estate investment and management company, was repped by an outside broker.
“This is a great property in a highly strategic location,” said Mack. “Brea and its neighboring cities offer two world-class universities with exceptional STEM graduates feeding the region’s demand for technical skills and filling housing inventory. Brea’s well-established reputation as a business-friendly city has been attracting a host of global companies, many of which are headquartered in the city.”
Added DeLorenzo, “Orange County’s economic and real estate fundamentals have been strong and are expected to remain that way for the remainder of the year. Especially well-located, quality office space, such as this one, continues to be in high demand. This region’s positive economic climate and strong user and investor demand bodes well for quality product in well-located cities such as Brea.”
Orange County’s low-rise office product has consistently outperformed its high-rise product over the last 10 years, according to CBRE research. More specifically, Brea’s low-rise office submarket has experienced exceptionally healthy and steady growth since mid-2011, with vacancy at a mere 4.3% as of the second quarter. Rental rates are likely to climb 19.1% over the next 5 years, according to CBRE.
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