Drawbridge Snags Orange County R&D Asset
- Sep 04, 2017
Baring Real Estate Advisers disposed of a fully leased Class A office/R&D building in Lake Forest, Calif. Drawbridge Realty purchased the single-tenant net lease asset.
Located at 26200 Enterprise Way in the Pacific Commercentre, a sought-after master-planned business park, the 144,906-square-foot building comprises two stories and features large floor plates with flexible configurations and ample surface parking. Since its construction in 2000, Panasonic Avionics Corp. has called the property its headquarters, as part of its 18-acre, seven-building, 500,000-square-foot global HQ campus in Lake Forest.
Jeffrey Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets team represented the seller, with John Harty providing local market advisory.
OC Industrial Demand
“The stability of this high-profile credit tenant investment property is augmented by its location in Orange County, which has reached its lowest vacancy in a decade and the second highest average asking rent in 10 years,” said Cole, in prepared remarks. “These strong market fundamentals combined with an advantageous financial profile, high-quality construction, and a desirable credit tenancy created an outstanding investment opportunity in Southern California.”
According to Cushman & Wakefield’s latest market reports, South Orange County displayed an overall office vacancy of just 6.3 percent in the second quarter of 2017, the lowest of any sub-county office market, while its R&D/flex inventory commanded a mere 1.6 percent vacancy rate at midyear.
Image courtesy of Cushman & Wakefield