71 at the Park | Courtesy a representative of CBRE

OC Creative-Office Sale Sets New PSF Record

Carrie Rossenfeld Office

Harbor Associates has sold 71 at the Park, a 37,090-square-foot office building at 25371 Commercentre Drive in Lake Forest, California, to an undisclosed overseas investor for $11.7 million, according to a release from a representative of CBRE. The price equates to $315 per square foot, which is a record high for the city of Lake Forest, the release says.

The property offers “abundant natural light,” in addition to a two-story lobby, exposed ceilings, flexible floor space, and outdoor community areas, the statement says. Other on-site amenities are available, and the property is close to the Irvine Spectrum and Orange County Great Park, according to the release.

The statement also says Harbor was represented in the transaction by CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Jeff Carr, and Brian Cole. DeLorenzo is quoted as saying that the property generated seven offers and that the buyer “was looking for a modern, relevant, and income-producing property in a flourishing Orange County market.”

CBRE reports in the release that, according to its research, Orange County’s office market experienced positive net absorption in the second quarter, led by technology and business-service tenants. The region’s asking lease rate of $2.90 per square foot per month was up 5.5 percent year over year as occupiers have bene drawn to amenity-rich buildings in central locations and OC landlords have latched onto that trend, focusing on renovations and increasing asking rates, according to the source. The statement also says the low unemployment rate, coupled with slow and steady job growth, further pushed occupiers to focus on skilled-labor attraction and retention.

The CBRE team representing Harbor in this transaction specializes in the sale of office medical office, and industrial properties in Southern California and has sold or has in escrow 184 transactions valued in excess of $2.6 billion since 2015, the statement also says. Paul Miszkowicz, principal at Harbor, is quoted as saying he is impressed with the depth of the team’s database and “ability to find motivated buyers.” He adds that this is the firm’s second sale with this team.

As SoCal Real Estate reported in June, Harbor Associates and Ascentris partnered to acquire The Pinnacle, a 110,110-square-foot, five-story, class-A office building located in the north San Diego submarket of Rancho Bernardo. While no sales price was revealed, Real Capital Analytics reported that the property sold in 2007 for $31.6 million.