Bailard and CT Realty Complete Second Purchase in Eight Months
- Mar 29, 2016
Orange, Calif.—CT Realty partnered with a client advised by Bailard in the purchase of a local office building for a total of $20.4 million. The buyer has taken over the Centrum South office building from seller Scientific Investments. CT Realty represented the partnership in the transaction, while the seller worked with a Newmark Grubb Knight Frank team consisting of Paul Jones and Kevin Shannon. This is the second deal completed by the partnership between CT Realty and Bailard during the past eight months.
Located at 725 W. Town & Country Road in Orange County’s central business district, the office complex offers 90,191 square feet of space on a 3-acre site. The Class A facility offers tenants easy access to the Garden Grove Freeway, the I-5, and SR-55.
Offering flexible floor plates that can accommodate suites between 550 and 18,990 square feet, the asset is currently leased at roughly 83 percent, with 57 percent of the space being divided between four tenants, the largest of which is Jacobs Engineering. The full-service railroad engineering consulting firm takes up 19,000 square feet of space at Centrum South. Following the transaction, the new owner retained David Dowd of CBRE to carry out leasing operations at the property, while property management duties will be handled by CT Realty.