A global investment advisor has sold The Summit Office Campus, a five-building, 479,451-square-foot mid-rise office project in Aliso Viejo, California, to Rockpoint Group LLC. No sale price information was disclosed, but industry sources unrelated to the deal report it to be in excess of $150 million. The transaction is being billed as the largest office investment sale over the past six months in Orange County and the fourth sale that is over $100 million since the fourth quarter of 2017 in the market.
NKF Capital Markets co-head of U.S. capital markets Kevin Shannon, Executive Managing Directors Paul Jones, Brunson Howard, and Ken White and managing directors Rick Stumm and Blake Bokosky represented the seller. The buyer was self-represented.
The NKF Capital Markets team has represented the sellers on three of the $100-million-plus sales mentioned above. It is also the second investment-sale transaction over $100 million for the team led by Kevin Shannon after closing City Tower in Orange, California, for over $147 million, on which SoCal Real Estate reported in March.
Built between 1998 and 2000, and located at 65, 75, 85, 95 and 101 Enterprise on approximately 20.7 acres, The Summit Office Campus consists of three three-story and two four-story multi-tenant office buildings that are currently 79 percent occupied by tenants including Tech Space, NuVasive, Inc., Pacific World Corp., and Microsoft Corp. The campus offers greenbelts and outdoor collaborative areas, water features, large floorplates, tall ceiling heights, mountain views, and ample structured and surface parking.
The property is located within the South Orange County submarket and offers direct access to and high visibility from the San Joaquin Hills (SR-73) tollway which sees approximately 77,000 vehicles per day. The location also offers easy access to the 405 Freeway and State Route 133.
“The Summit Office Campus provided the buyer with an institutionally built, managed and maintained office project in the heart of the amenity-rich master-planned community of Aliso Viejo, as well as greater South Orange County,” says Jones. “Rockpoint intends to undergo a heavy reposition and re-branding on this asset in order to push market rents, drive leasing velocity, and create a very unique office campus like nothing else in the submarket.”
The Summit Office Campus is within walking distance to a number of retail amenities and restaurants at the Town Center at Aliso Viejo, a regional center with more than 30 restaurants, an Edwards movie theater, Trader Joe’s, Ralph’s, Walgreens, and CVS. The asset is also near almost 2,000 multi-housing units as well as a wide array of single family communities and is adjacent to The Summit Renaissance ClubSport Aliso Viejo, a luxury fitness center.