DRAWBRIDGE REALTY PURCHASES CORPORATE OFFICE CAMPUS IN ORANGE COUNTY, CA
Lake Forest, CA - October 24, 2017 - Drawbridge Realty, a San Francisco based real estate investment company, announced the acquisition of the Pacific Vista Campus in South Orange County for $76.2 million from an affiliate of Barings. The Class A five building corporate office campus totals 322,262 sq. ft. and is 100% occupied on a triple net basis by seven tenants. Toshiba America Business Solutions and Loan Depot occupy single buildings and the remaining three buildings are occupied by two tenants each: Home Point Financial & US Real Estate Services, Interval Leisure Group & Loan Depot and the City of Lake Forest & Multiplan Services Corporation. The LEED Silver and Energy Star campus is a preferred destination for corporate users, in proximity to numerous amenities including Irvine Spectrum and the Great Park of Orange County, as well as convenient access to the Santa Ana (I-5) Freeway, San Diego (I-405) Freeway and the Foothill (SR-241) transportation corridor. Constructed in 2000, the project provides mountain and canyon views, and onsite amenities including outdoor lounge areas and a fitness center with showers.
"This acquisition is consistent with Drawbridge's strategy of acquiring strategically important office properties suited to large corporate users and located in secular growth markets," said Chris Elmendorf, Vice President, Investments, at Drawbridge Realty. "Following our recent acquisition of the Panasonic Avionics HQ facility, we have established a solid presence in Orange County consisting of over 600,000 sq. ft. of office properties."
Kevin Shannon, Paul Jones, Ken White, Blake Bokosky of NGKF Capital Markets represented the seller in the transaction.