South California office portfolio sold
LPC West, the West Coast arm of Lincoln Property Co., and Angelo Gordon have teamed up once again to acquire a six property portfolio of Class B from the Colton Co. for $74.3 million.
Bob Smith with CBRE represented the seller in the transaction. The sale was funded by a $65.7 million loan originated by Canadian Imperial Bank of Commerce.
The portfolio was built in the mid to late 1980s. It has nearly 400,000 square feet and is more than 85 percent leased to a diverse tenant. In addition LPC West plans to renovate the portfolio. Renewals include base building systems, exterior areas and lobies.
The North Orange County properties are: Stadium Towers, 2300 E. Katella, Anaheim, Calif., offering 68,534 square feet; Crestview Corporate Center, 3111 N. Tustin, Orange, Calif., offering 60,000 square feet; and City Centre II, 765 The City Drive, Orange, with 98,471 square feet.
The South Orange County properties are: Plaza Point, 23041 Avenida de la Carlota, Laguna Hills, Calif., offering 60,330 square feet; Colton Hillside Plaza, 23161 Mill Creek Drive, Laguna Hills, offering 47,570 square feet; and Lake Forest Executive Center, 23101 Lake Center Drive, Lake Forest, Calif., totaling 50,000 square feet.
Parke Miller, executive vice president of LPC West for the Orange County region, said, “The properties span dynamic markets in both North and South Orange County and represent an in-demand class of office space. We are looking forward to leasing vacant space in the buildings and making improvements that will keep this group of strategically located office buildings desirable for years to come.”
Source: CP Executive
Fulya Altunyay/[email protected]