Dallas-based institutional investor Invesco Real Estate has completed its second big office purchase in Aliso Viejo in the past year.
An affiliate of the real estate investor recently closed on the purchase of a pair of buildings on Polaris Way totaling about 200,000 square feet.
The two four-story offices—at 2 and 3 Polaris Way—sold for a little under $84.3 million, according to CoStar records. The estimated price puts the deal at about $421 per square foot.
The buildings were sold by Fluor
Enterprises Inc., an affiliate of engineering and construction giant Fluor Corp.
The Irving, Texas-based company occupies both offices, which sit just north of the San Joaquin Hills (73) Toll Road.
There’s been no report of Fluor planning to scale back its Aliso Viejo operations or vacate the buildings as a result of the latest sale.
Calls to the company for comment last week weren’t returned.
Fluor is estimated to employ about 300 in Orange County. The company, which has a market value of about $6.8 billion, previously kept its headquarters in Aliso Viejo.
Flour constructed the Polaris Way buildings, along with other nearby offices, in the late 1990s when it moved its operations from Irvine to Aliso Viejo.
The company relocated to Texas in 2006 and has since downsized its local operations and sold additional buildings in Aliso Viejo, including 1 Enterprise, a 120,000-square-foot office that now holds the headquarters of chipmaker Microsemi Corp.
Summit Buys
The latest purchase brings Invesco’s purchases in Aliso Viejo’s office market over the past year to nearly half a million square feet of high-end space.
In June, the real estate investor paid an estimated $108.1 million for 15 and 25 Enterprise, a pair of five-story offices at the Summit Office Campus, which is on the opposite side of the toll road from its two just-purchased Fluor buildings.
The largely full Summit offices hold the local operations of homebuilder Lennar Corp., among other tenants.
Invesco paid an estimated $360 per square foot for the buildings, which were sold by Palo Alto-based Menlo Equities LLC.
Menlo paid about $57.5 million for them in 2011, when they had much higher vacancy levels.
Aliso Viejo’s office market totals about 3.1 million square feet and had a vacancy rate of about 7.7% at the end of September, according to brokerage data from Voit Real Estate Services.
Other notable recent sales in the city include Newport Beach-based Olen Properties Corp.’s purchase of Pacific Park Business Center, a six-building business park about half a mile north of the toll road.
Olen paid an estimated $17.2 million for the 99,700-square-foot property in a deal that closed in September.
Newport Beach-based Bixby Land Co. has also been a buyer in the area, paying $11.6 million in May for a 53,115-square-foot building on Aliso Viejo Parkway that’s being turned into a creative-office project.
Invesco Real Estate is a unit of publicly traded investment manager Invesco Ltd. in Atlanta. The company is said to manage more than $65 billion in real estate assets.
Other local Invesco real estate investments over the past year include Bayside Square, a midsized office project in Newport Beach—made in a venture with Irvine-based Shopoff Realty Investments—along with an apartment development in Irvine.
