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1/16/20
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Scenic Business Park, a 51.2k sf office building in Costa Mesa, was purchased by Financial Partners Credit Union for $13.375 mil ($261/sf). The two-story building, located at 1665 Scenic Ave, was sold by EQ Office and The Blackstone Group.
Located near the I-405 and 55 Freeways, the structure is part of a three-building campus in Costa Mesa’s trendy South Coast “SoCo” neighborhood. Scenic Business Park provides lush landscaping, extensive glass line, open tenant spaces, a roll-up door, and atrium lobbies on a 2.7-acre site. The property was 38% leased at the time of sale with Vans, the skateboarding shoes and apparel manufacturer Vans, as a tenant.
Cushman & Wakefield’s Jeffrey Cole, Ed Hernandez, Nico Napolitano, John Gallivan, and Brian Booth represented the seller in the transaction.
SoCo’s emerging growth has included new creative urban and experiential retail amenities that are influencing the surrounding office and residential areas. Scenic Business Park benefits from the SoCo Collection, Vans World HQ, Los Angeles Chargers HQ (Hive), The Press, and more.
“Lack of available land for new development and limited inventory of quality office buildings for sale, as well as restrictive city ordinances for new construction in Costa Mesa, can create challenging barriers to entry in this micro market and protects new ownership against supply risk. Scenic Business Park presented the exceptional opportunity to acquire this institutional-quality asset in a highly accessible, preferred location for millennial-focused companies and their workforce with walkability and access to some of Orange County’s best dining and retail experiences,” said Cole.
Scenic Business Park is part of the 38.4 msf Greater Airport Area office submarket, which continues to experience extraordinary net absorption with 398.9k sf absorbed year to date as of third quarter 2019, according to Cushman & Wakefield research.
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