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December 6, 2023
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South OC Office Campus Trades in $40 Mil Transaction


Kingsbarn Real Estate Capital closed on a South Orange County office buy, paying $40.45 mil for Palm Terrace, a 155.8k sf ($260/sf), Class A office campus in Lake Forest. The asset, consisting of three two-story office buildings, was sold by Bailard Real Estate Fund of Palm Terrace.

The property, located at 25521, 25531 and 25541 Commercentre Drive, is 97% leased to a diverse tenant mix including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. Property features include revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface level parking, building signage and energy-efficient lighting.

Strategically located in South County, the property is in proximity to the I-5 Fwy and CA-241 toll road, as well as a myriad of amenities at the Irvine Spectrum Entertainment Center, Five Lagunas and Foothill Ranch Towne Centre.

Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones and Senior Associate Brandon White represented the seller in the deal. The buyer was self-represented. Newmark’s Jay Nugent and Greg Puccinelli are the leasing agents for the property.

“Palm Terrace is a stabilized office investment with a strong, diversified rent roll that offers an attractive going-in yield,” said Jones. “This was Kingsbarn’s second office purchase in South Orange County and aligns with their plan to capitalize on the flight to low-rise product with an attractive weighted average lease term and strong cash flow.”

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