EverWest, Frontal Trust Snag OC Office Asset
- Oct 09, 2018
EverWest Real Estate Investors and Frontal Trust, a Chilean-based fund manager, have acquired a newly renovated office property located in the heart of Town and Country Corridor in Orange County. The 99,000 square-foot property belonged to Westcore Properties and was sold for $32 million, a $7 million premium over what the former owner paid for it in 2014, according to real estate data provider Yardi Matrix. The acquisition is the third one that EverWest closed in California over the past summer.
EverWest’s Managing Director Erik Good represented the buyers in-house while HFF’s Derreck Barker and Michael Leggett directed the sale on behalf of the seller.
Upcoming live-work environment
The four-story asset is located at 999 W. Town and Country Road and is currently 75 percent leased by a tenant which recently renewed for the next 10 years. The company consolidated its office leaving the top floor vacant for the first time in several decades. The building sits on a parcel which also houses a five-story parking garage and is getting ready to make room for a Class A, 262-unit multifamily property by Toll Brothers.
Originally built in 1976, 999 Town & Country has been renovated twice over the years. Following the latest upgrades, it features an improved lobby, restrooms and elevators, modernized workspaces, new monument and wayfinding signage, as well as a refreshed exterior and landscaping. It is located off California State Route 22 and provides immediate access to Interstate 5.
The nearby area is rich in amenities, shopping venues—such as Main Place Mall—parks, museums and schools. The University of California Irvine is 15 miles away while John Wayne International Airport is approximately 10 miles away.
“There is transformative urbanization taking place in this neighborhood that will create a true live-work environment for our property,” said Good in a prepared statement.
Image courtesy of Yardi Matrix