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10/05/18
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Prosper Real Estate purchased a 37.1k sf office building in Lake Forest for $11.7 mil ($315/sf). The building, located at 25371 Commercentre Dr, east of I-5 off Bake Pkwy, was sold by Harbor Associates LLC.
Following Harbor’s acquisition of 25371 Commercentre in 2015, the firm embarked upon a comprehensive building system, exterior, and interior renovation. The improvements included an upgraded two-story lobby with new restrooms, along with creative office spec suites featuring exposed ceilings and polished concrete flooring. Harbor was then able to fully lease the building.
25371 Commercentre is centrally located near area amenities and mass transit including the Irvine Spectrum outdoor mall, Foothill Ranch Towne Centre and the Irvine Amtrak/Metrolink station. According to information provided by CBRE, the Lake Forest office market has a direct vacancy of 5.2%, among the lowest of any city in Orange County.
Anthony Delorenzo, Doug Mack and Gary Stache of CBRE represented Harbor in this and a previous Orange County office disposition. Jeff Carr, Brian Cole, Anthony Delorenzo, and Doug Mack, also with CBRE, helped Harbor implement its value-add business plan for the property. David Lee of Globridge Realty represented the buyer in the purchase.
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