Rockpoint Group Buys 5-Building OC Office Asset
- Jun 07, 2018
Rockpoint Group LLC has purchased The Summit Office Campus, a five-building, 479,450-square-foot, mid-rise office project in Aliso Viejo, Calif., according to NKF Capital Markets, which represented the seller, a global investment advisor.
Financials on the transaction were not released. Rockpoint did not reply to Commercial Property Executive’s request for additional information. The previous owner was RREEF Property Trust, according to information provided to Commercial Property Executive by Yardi Matrix.
The Summit Office Campus totals about 20.7 acres and was built in two phases, in 1998 and 2000, and is located at 65, 75, 85, 95 and 101 Enterprise. The campus consists of three three-story and two four-story Class B office buildings that are 79 percent occupied, with noteworthy tenants including Microsoft, Tech Space, NuVasive and Pacific World Corp.
The campus reportedly includes greenbelts and outdoor collaborative areas, water features, large floorplates, and ample structured and surface parking. The property offers direct access to and high visibility from the San Joaquin Hills tollway (SR-73) and also offers easy access to the 405 Freeway and SR-133.
NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon; Executive Managing Directors Paul Jones, Brunson Howard and Ken White; and Managing Directors Rick Stumm and Blake Bokosky represented the seller.
“The Summit Office Campus provided the buyer with an institutionally built, managed and maintained office project,” Jones said in a prepared statement. “Rockpoint intends to undergo a heavy reposition and re-branding on this asset in order to push market rents [and] drive leasing velocity….”
This transaction marks the largest office investment sale in Orange County in the past six months, according to NKF Capital Markets.
Deals across the nation
Rockpoint has been active literally from coast to coast over the past 12 months. Late last year, it wound up on Commercial Property Executive’s list of the top 10 buyers of office space in San Francisco, having paid $287.5 million for 100 Pine St., a 33-story, 402,000-square-foot building that’s LEED Gold certified. Last fall, Rockpoint, in partnership with Highgate, bought the 168-key Royalton Hotel in Manhattan from FelCor Lodging Trust for $55 million. On the other side of the balance, Rockpoint in June 2017 sold a 157,000-square-foot office-and-retail property in Boston to a German investment fund. Tower Point @ A Street went for $86.8 million.
Image courtesy of Newmark Knight Frank