Avison Young Facilitates Office Sale in San Clemente
- Sep 03, 2015
In a $9.25 million deal, a private investor from Los Angeles has acquired an office building situated in a low-vacancy submarket of southern Orange County.
The seller, Providence San Clemente Commercial LLC, was represented by Avison Young Principals Dan Vittone and Alan Pekarcik, who are both based in the company’s Orange County office. At close of escrow, the building was 100 percent occupied by four tenants. Tim Walker of Lee & Associates assisted Avison Young in the sale marketing campaign.
The property is located at 1211 Puerta Del Sol at the prime intersection of Avenida Pico and Avenida Vista Hermosa. It was built in 2002 and is now part of the 67-acre Talega Business Park, which comprises 750,000 square feet of office, light industrial and R&D space, as well as a medical plaza and urgent care facility. Nearby attractions include the Talega Golf Club across the street, and several retail amenities, such as the Plaza Pacifica shopping center and Talega Village Center.
“Talega Corporate Center offered the buyer all the key fundamentals when seeking a stable, long-term investment opportunity,” Vittone said in prepared remarks. “Its full occupancy, scheduled rental income growth, tight submarket, and overall quality of construction and finishes secured a strong sale price of more than $211 per square foot.”
Talega Corporate Center is positioned in the San Clemente/San Juan Capistrano/Dana Point submarket of southern Orange County. The area currently exhibits a 5 percent office vacancy rate – one of the lowest in Orange County, which has an overall vacancy of approximately 12 percent.
Headquartered in Toronto, Canada, Avison Young is the world’s fastest-growing commercial real estate services firm. The company was founded in 1978 and currently comprises 1,900 real estate professionals in 67 offices, providing value-added, client-focused investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multifamily properties.