 |
| Dan Vittone |
Irvine, CA – Avison
Young, the world’s fastest-growing commercial real estate services firm,
announced today that it has completed the $6.65-million sale of a HighPark
Corporate Center, a class A office building totaling 37,579 square feet
(sf) in Mission Viejo, CA.
Avison Young
Principals Dan Vittone and Alan Pekarcik, based in the company’s
Irvine office, along with Trent Walker of Voit Real Estate Services
represented the seller, Madero LLC & Wyocal, LLC. The buyer, CK HighPark,
LLC was in a 1031 exchange and was represented by Bratun Real Estate.
The transaction
closed at a 7.25% capitalization rate and a price of $177 per square foot
(psf), the second-highest square footage price for an office building sale in
Mission Viejo since the recession. (Prudential Insurance sold Mission Ridge, a
two-building, class A project that fronts Interstate 5, for approximately $237
psf in August 2013.)
 |
| Alan Pekarcik |
“Investors are
seeking out properties such as this one in the south Orange County market
because of the high barriers to entry for new development, strategic location,
dense population and strong income demographics,” comments Vittone.
“This market boasts a 10.9% direct vacancy rate for
buildings 20,000 sf and larger, and with no competitive product under construction,
rents are forecasted to continue to increase.”
Built in 1986, the two-story building is situated on 1.87
acres at 23351-23361 Madero. It is 93% occupied by four tenants and is located
within HighPark, a 112-acre master planned, mixed-use business park.
HighPark Corporate
Center’s largest tenant is Holt Integrated Circuits, which occupies 58% of the
building and has been a tenant for the past 16 years.
The well-located asset is within the heart of south Orange
County between Interstate 5 and the 241 Corridor and is near restaurants,
banks, Mission Viejo Hospital, and the Shops of Mission Viejo Mall.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
No comments:
Post a Comment