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5/11/21
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BH Properties has acquired Freeway Corporate Park, a 128.3k sf, multi-building, multi-tenant office complex in Santa Ana. The property, situated in the desirable Orange County Airport Area/Irvine Business Complex, traded for $21 mil, or $164/sf.
The two-building, campus-style corporate park sits at 2501 Pullman St and 1700 E Carnegie Ave, a highly visible spot to approximately 375,000 vehicles per day along the Costa Mesa Fwy. The property is currently 56% leased. Its major tenants include Iteris, which provides software and consulting services, and Orange County Head Start.
With 55.9k sf of vacant space including the entire 26k sf second floor at the Pullman Street building, Los Angeles-based BH Properties sees an opportunity to maximize rents with the remaining space at the property, which has benefitted from $550k in capital enhancements such as the activation of common area patios, upgrades to the HVAC and other back-of-the-house improvements.
Freeway Corporate Park is near Tustin Legacy, a new master-planned community, and within a short drive to a number of Orange County’s top retail attractions, including The District, South Coast Plaza, Flight Mess Hall and Von Karman Plaza.
The Orange County Airport Area/Irvine Business Complex (IBC) has benefitted from strong leasing recently. Over the past four years, several institutional owners have bought properties in the Irvine Business Complex to implement repositioning strategies. In the process, these investors have pulled approximately 1.7 msf of Class B, low-rise office product off of the market.
The Newmark Knight Frank team led by Kevin Shannon marketed the property for sale on behalf of the seller.
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