Irvine-based real estate investor PRES Cos. has made another large acquisition in North Orange County.
The company last month completed the purchase of the Packing House Square office and retail property at 18200 Yorba Linda Blvd. in Yorba Linda.
The seven-building complex is just southwest of the intersection of Yorba Linda Boulevard and Imperial Highway and near the Presidential Richard Nixon Library and Museum.
It’s about 147,000 square feet, and offices take up about two-thirds of the space, with retail, including a 24 Hour Fitness gym, filling the rest of the property. The offices are about 85% leased, and the retail portion was 98% full at the time of the buy.
The main building originally served as the Yorba Linda Citrus Association packing house and was converted to commercial uses in the early 1960s, according to city records.
CoStar Group Inc. records put the sale price of the property at $32 million, or about $217 per square foot.
Robert Griffith and Rick Sheckter, executive managing directors with NGKF Capital Markets, represented the sellers of the property, Oxnard-based Sunbelt Enterprises LLC.
The sale was part of a nearly 1.2-million-square-foot portfolio of buildings Griffith and Sheckter recently helped Sunbelt sell, including properties in Moorpark, Las Vegas and Oxnard.
The Yorba Linda deal adds to a string of recent North OC purchases by PRES Cos., which also operates under the name Professional Real Estate Services Inc.
Its deals in Anaheim, Brea, Orange and Yorba Linda have totaled about $97 million since the start of 2014, according to property records.
Last year the privately held company paid about $42 million for the three-building Brea Park Center and the single-building Brea Corporate Plaza, which are about a mile east of the Orange (57) Freeway on Imperial Highway and total 290,557 square feet.
It paid a reported $18 million for the 200 Center St. Promenade building, a nearly 201,000-square-foot office near Anaheim City Hall, in early 2014.
The eight-story building previously served as a regional headquarters for AT&T Inc. It was largely vacant at the time of PRES Cos.’ purchase but then landed an integrated-care medical group affiliated with Orange-based hospital operator St. Joseph Health System to occupy the entire building in one of last year’s largest office leases.
The company also paid a little more than $5 million last year for a nearly 40,000-square-foot office on Lincoln Avenue in Orange.
“We’ve been migrating north. It’s where most of the deals” in Orange County have been, David Bonaparte, managing principal for PRES, told the Business Journal last year following the Brea purchases.
Silicon Valley Flip
Irvine-based Bixby Land Co. has made a huge profit on a creative-office project it just sold in Silicon Valley.
In 2012, the real estate owner and developer, which is among the biggest creative-office developers in the state, paid about $29.5 million for Trimble Technology Park, a four-building, 234,123-square-foot property in North San Jose near the city’s airport.
The building was largely vacant at the time of the deal. Bixby and its financial partner in the property, Hartford, Conn.-based Cornerstone Real Estate Advisors, put in about $25 million to refurbish the campus into a creative-office project and soon landed Verizon as a tenant for a good portion of the office space.
The nearly full project—now totaling about 250,000 square feet and branded as “The Campus”—was sold this month to MetLife for $96 million.
Kansas Buy
An affiliate of Newport Beach-based KBS Realty Advisors is under contract to buy a mixed-use property near Kansas City.
The company’s KBS Real Estate Investment Trust III Inc. said it will pay $126.5 million to buy Park Place Village, a 10-building, 17-acre complex in Leawood, Kan.
The property, which was built in stages starting in 2007, includes 372,201 square feet of office space and 110,918 square feet of retail space and is about 95% leased, according to regulatory filings.
The planned deal in Kansas follows by a few weeks the completion of another large purchase by the KBS REIT, the $76.7 million of the Greenwood Village office complex in Denver that was sold by Aliso Viejo-based Shea Properties Inc.
