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| Dan Vittone |
Irvine, CA, Aug. 4, 2014 – In a strategic move to grow its
rapidly expanding California commercial real estate presence, The PRES
Companies (PRES), a full-service owner and operator of office, retail,
industrial, and hotel properties, has purchased a portfolio of four, Class B
office buildings totaling 290,657 square feet (SF) in Brea, Calif. for $42
million in an off-market transaction.
The portfolio is 72
percent leased and consists of two projects that are well located near the 57
and 91 freeways in north Orange County.
The first property
in the portfolio is Brea Park Center, which includes three buildings totaling
171,411 SF located at 2601 Saturn Street, 500 S. Kraemer Blvd. and 2650 E.
Imperial Highway.
Brea Park Center
includes tenants such as Citizens Business Bank, General Services
Administration (GSA), FIT Electronics, and the California Department of Public
Health. The property offers recent upgrades to common areas including the
lobbies, elevator cabs and open-air courtyards.
 |
| Alan Pekarcik |
The second property
is Brea Corporate Plaza, which totals 119,246 SF and is located at 3230 E.
Imperial Highway. Brea Corporate Plaza’s tenants include Nestle Waters and
Yellow Box Corp.
PRES is planning to make upgrades to the common areas
including re-painting the buildings, updating the landscaping, adding new
monument signs, and renovating the lobbies and corridors.
Avison Young principals Dan Vittone and Alan
Pekarcik, based in the company’s Irvine office represented PRES in the
transaction.
“This portfolio has
performed well over recent months with significant leasing activity as the
office market makes a robust recovery in key Southern California locations,”
said David Bonaparte, managing principal with PRES.
“The Brea office
market vacancy dropped to 12 percent in the second quarter of this year and we
see a great opportunity to add value to the portfolio with an aggressive
leasing program as demand for office in this local area improves.”
Bonaparte added that
PRES will assume leasing and management responsibilities for the portfolio.
Including this
current buy, PRES has significantly added to its California property holdings
over the past 12 months with more than $121 million in office and hotel
acquisitions totaling more than 667,000 SF.
In late 2013 the firm acquired 420 Taylor Street, a
78,060-SF office building in San Francisco for $27.25 million. Early this year,
the firm acquired 200 Center Street in Anaheim, a 191,647-SF office property,
for $18.1 million.
All told, the firm
currently owns and operates a portfolio of over one million square feet of
properties and has several value-add acquisitions in its pipeline that will
significantly add to that number over the next twelve months.
“PRES plans to
continue acquiring properties in key California markets ranging in value from
$5 million to $50 million over the next year,” said Bonaparte. “Additionally,
we continue to grow our asset and property management services platform on
behalf of third-party ownership.”
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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