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9/24/18
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A joint venture of Angelo Gordon and Lincoln Property Company has acquired a four-property, 540k sf office portfolio in the southern OC cities of Newport Beach and Irvine. The asets were sold by Equity Office Management LLC, an entity of NY-based Blackstone Group.
From what we understand, the deal had a price tag of around $160 mil. The transaction was financed with a $128 mil senior loan provided by PCCP LLC.
The portfolio includes Redstone Plaza (181k sf) and 1201 Dove (83k sf), located in Newport Beach, and Inwood Park (163k sf) and Newport Summit (112k sf), located in Irvine.
The portfolio was approximately 82% leased at time of sale. The buildings are occupied by tenants in a range of industries including finance, marketing, tech, food and beverage, legal, healthcare, and real estate.
The joint venture’s plan is to execute a capital improvement plan to capitalize on strong rent growth and leasing in the submarket and lease any remaining vacancy.
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