Newport Beach-based Buchanan Street Partners is the new owner of Spectrum Centre Business Park in Lake Forest.
The real estate investment management firm bought the 16-building infill industrial park at 20902-21098 Bake Pkwy. from a Los Angeles-based fund manager for an undisclosed price.
It is Buchanan Street’s latest Orange County addition, with the real estate firm banking on the business park’s proximate location in South County. The nearly 17-acre Spectrum Centre Business Park is located near three major highways and, according to Buchanan Street, caters to “a growing residential community as more housing units are developed and demographics shift, with increasing numbers of people relocating to South Orange County.”
“This investment aligns with our strategy to target large infill sites in Orange County, featuring well located real estate that is in high demand and well below replacement cost,” Matt Haugen, a senior vice president with Buchanan Street Partners, said in a statement.
Spectrum Centre Business Park is a 16-building, 227,757-square-foot, multi-tenant, small-bay industrial campus with 80% of its space leased, per Buchanan Street.
Some of Buchanan Street’s Orange County portfolio includes a 120,354-square-foot office building in Laguna Hills and a 301,328-square-foot industrial property in Buena Park.
Cushman & Wakefield’s Jeff Chiate, Rick Ellison, Matt Leupold and Aubrie Monahan represented the seller.
Read the April 14 issue for more about this transaction.
