Menlo Equities of Palo Alto, which has purchased $75 million in Southern Californian properties since entering the local market in July, is on the verge of closing two other office complexes.
The latest deals, one in Irvine and another in San Diego, are expected to total more than $25 million when completed.
Menlo Equities’ Wayne Brandt won’t discuss details of those acquisitions until final contracts are signed. But he did say the company has budgeted another $150 million for real estate in Southern California during 2000.
“We’re making a pronounced shift in our strategy to invest more heavily in Southern California, where we see continued upside over the next few years,” said Brandt. “The number of jobs being created, especially in Orange County, is fueling long-term growth.”
Menlo Equities typically prefers to invest in specific market sectors. In Orange County, according to Brandt, that means buying up buildings that are best-suited for technology firms.
Two of the more highly publicized properties added recently by Menlo Equities include a pair of Irvine developments, MacArthur Corporate Plaza and the Irvine Technology Center.
“We believe rents can keep going up in Orange County,” said Brandt. “We don’t expect to see any significant rent spikes in the near future, but we see good appreciation overall.”
