Orange County Class A Office Building Changes Hands
- May 22, 2019
Newmark Knight Frank has facilitated the sale of an 83,218-square-foot office building in Foothill Ranch, Calif. Kingsbarn Realty Capital purchased the Class A property from an affiliate of Menlo Equities. At the time of the sale, the property had a 90 percent occupancy rate with eight tenants in place.
The two-story property is located at 27042 Towne Center Drive, near the 241 toll road. The 1998-built office asset is within one mile of Foothill Ranch Towne Center and within 7 miles of Irvine Spectrum Center. In 2015, the property underwent a $2.2 million renovation that included the addition of a conference center, tenant lounge and new landscaping and hardscape.
Newmark Knight Frank’s Kevin Shannon, Paul Jones, Sean Fulp, Blake Bokosky and Brandon White represented the seller in the transaction.
Earlier this year, Menlo Equities paid $22.4 million for Heritage Place, a 107,000-square-foot, Class B office asset in Nashville, Tenn.