Los Angeles-based investors have snapped up a four-building office complex on Harbor Boulevard in Santa Ana, the second notable deal in that part of the submarket of South Coast Metro this year.
Pacshore Partners and Canyon Partners Real Estate LLC said last month they acquired Harbor Corporate Park, a 150,189-square-foot, multitenant office campus from 3601 to 3601 Harbor Blvd.
The four two-story buildings are on nearly 9 acres, and the campus includes 574 parking spaces. A capital improvement plan will include upgrades to enhance the property’s aesthetics, and a spec suite will be built to market to prospective tenants, the buyers said.
The campus is about a mile north of the San Diego (405) Freeway and Costa Mesa’s Ikea shopping center at the intersection of Harbor and Lake Center Drive.
It’s also near the South Coast Collection shopping center, as well as the soon-to-be revamped former Los Angeles Times printing facility, which sold late last year for $65 million.
Another two-building office campus a few blocks away at 3100 and 3130 Harbor Blvd. was bought in January by L.A.-based Kearny Real Estate Co. for $34.8 million. Kearny is planning a $15 million rehab of the 197,000-square-foot property, which it’s named Elevate@Harbor.
The immediate area “is emerging as a preeminent location for tenants seeking a creative and amenity-rich environment in Orange County,” Pacshore founder Philip Orosco said in a statement. “Harbor Corporate Park is well-suited to accommodate tenants that are attracted to the market’s increasing number of housing and retail developments as well as access to transportation options.”
Harbor Corporate Park was sold by a unit of New York-based Blackstone Group, CoStar Group Inc. records show. A sales price wasn’t immediately disclosed.
Kearney’s buy was about $176 per square foot; a similar price would place Harbor Corporate Park’s value at about $26 million.
Trade Trade?
The revamped shopping center that holds Irvine’s first and only cutting-edge food hall built in recent years has hit the sales market.
Trade Marketplace & Food Hall, a recently redeveloped retail center and market food hall on Michelson Drive a few blocks from John Wayne Airport, was listed late last month by brokerage HFF LP. An asking price for the 32,560-square-foot center was undisclosed.
The property was last bought in 2014 by Lincoln Property Co. for a reported $13 million. The developer, whose local offices are nearby, put an additional $6.7 million into the center, most toward the open-air food hall that opened last year and now anchors the site.
Within a one-mile radius sit 56 class A office buildings with approximately 60,000 employees, plus 8,509 planned or existing apartment units, according to HFF’s marketing material for the site.
A few dozen of the employees are at the Business Journal; staff favorites at the center include Two Birds, Ootoro Sushi and a holdover from the preredevelopment, Gyro King.
Hironori Craft Ramen might be the best ramen in the city; no one has invited me to the on-site bar yet.
CapRock Kickoff
Newport Beach-based CapRock Partners is kicking off an industrial project in Riverside County’s Jurupa Valley.
The private industrial real estate investment and development firm said it recently closed on an 18-acre site near the I-15 and Highway 60 interchange, where it’s planning a three-building complex totaling 327,000 square feet.
It bought the land on undisclosed terms from an owner-user who originally planned to develop the parcel for its own use.
“With its ideal location and the lack of industrial assets available in the submarket—vacancy is hovering at less than 2%—we anticipate we’ll have tremendous interest in this project when we release it to the market in late 2018,” said CapRock Senior Vice President of Acquisitions Bob O’Neill.
