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Thursday, Jun 8, 2023

Harbor Lists Santa Ana Office Next to Xerox Centre

Harbor Associates LLC, a Long Beach-based real estate investor that does much of its work in Orange County, is looking to sell one of its larger local properties.

The company recently listed 2020 East, a 111,483-square-foot office on East 1st Street in Santa Ana.

The five-story office is just down the street from Xerox Centre.

CBRE Group Inc. has the listing for the building, which is being marketed as an “ideal investment for a corporate headquarter location for an owner-user seeking a lease-saving trade-off.”

A listing price was undisclosed.

Harbor paid $13.2 million, or about $118 per square foot, for the office in 2018 when it was 26% occupied.

It has since put in $1.4 million in renovations, including a new roof, improved lobby, façade upgrades and infrastructure changes, according to marketing materials for the property.

The office currently has 98,247 square feet of availability, CBRE documents show.

Local Deals

Harbor has made about 25 office acquisitions in the last five years.

The company is backed financially in part by Bascom Group, an Irvine-based real estate investor best known for its large national apartment portfolio, but which also funds a number of additional investment, development and shared space businesses in the area.

Harbor initially focused on small and midsized offices locally, but has been looking bigger. It made two of its largest deals in the region last year when it bought two office properties, in downtown Anaheim and Laguna Niguel, for about $80 million combined.

Both of those properties, Anaheim City Centre and Crown Cabot Financial Center, were acquired from Equity Office Management LLC.

Its last local sale was when it traded Create Tustin, a trio of offices near the Market Place shopping center that sold in separate deals.

It sold the final building at the Tustin complex last October, bringing total sales for the 211,000-square-foot project to $72.8 million.

The company invests in value-add office projects, and has an OC portfolio that spans nearly 1 million square feet.

It previously told the Business Journal that it has a goal of investing $250 million in Southern California office assets this year, including more deals locally.

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