In two separate transactions, Newmark Knight Frank (NKF) has represented the sellers in sales of two office buildings in the Orange County market, according to releases from a representative of NKF.
The statements say the two properties are Laguna Canyon Plaza at 16485 Laguna Canyon Road in the Irvine Spectrum in Irvine, which sold for $15.9 million, and The Offices @ Village Business Park at 7000 and 7001 Village Drive in Buena Park, which sold for an undisclosed amount. SoCal Real Estate reached out to the rep for the sale price on the latter property, but the rep responded that the price was unavailable.
According to the statement, Laguna Canyon Plaza is a three-story, class-A 51,512-square-foot office building that is 88 percent occupied by multiple tenants including anchor tenant International Education Corp. NKF executive managing director Paul Jones, co-head of U.S. Capital Markets Kevin Shannon, executive managing director Brunson Howard, managing director Blake Bokosky, and senior associate Brandon White of the Capital Markets team represented the seller, an undisclosed private investor, while the buyer, Universal Properties, was self-represented.
Built in 1991 and situated on 3 acres, Laguna Canyon Plaza features a variety of amenities, including freeway frontage and visibility, balconies, and subterranean parking with elevator access to all floors, the release says. The property is located less than 2 miles from the Irvine Spectrum Retail Center.
Jones is quoted in the release as saying, “Laguna Canyon Plaza was a rare value-add opportunity with significantly below-market rents in the heart of the Irvine Spectrum and received strong buyer interest. Very few office opportunities arise in the Irvine Spectrum due to the majority of the product being owned by the Irvine Company.”
The source reports that The Offices @ Village Business Park was built in 1980 and 1987 and renovated in 2017. The asset is a two-building 141,387-square-foot office property situated on approximately 10.5 acres and includes 828 parking spaces. It is 54 percent leased and was marketed as a value-add opportunity.
The Offices @ Village Business Park is close to Knott’s Berry Farm and the Source OC, a 400,000-square-foot outdoor dining, shopping and entertainment destination, according to the release. It is also close to the 5 and 91 freeways.
Shannon, Jones, Bokosky, and Brandon White represented seller Westcore Properties, while buyer Stanton Road Capital was self-represented, the release says.
Jones is quoted in the release as saying, “This asset offers the buyer an attractive value-add opportunity as there is a large back-office vacancy and office suites that once filled will significantly increase the cash-flow of this quality office project. The above-standard convenient surface parking and densely populated key north Orange County location, are strong draws for users.”
The statement also says the sale of Laguna Canyon Plaza represents the 12th office asset NKF’s Capital Markets team has completed this year in Orange County, with total value in excess of $810 million.