Stanton Road Capital Buys CA Office Campus
- Nov 29, 2018
Stanton Road Capital has acquired The Offices @ Village Business Park, located in Buena Park, Calif. Newmark Knight Frank represented the seller, Westcore Properties. This sale follows Westcore’s $32 million disposition of a newly renovated office property in Orange County, that sold to a joint venture between EverWest Real Estate Investors and Frontal Trust, in October.
Located at 7000 and 70001 Village Drive, the 10.5-acre, two-building property was constructed in 1980 and 1987, respectively, and last renovated in 2017. Totaling 141,387 square feet, the assets are currently 54 percent occupied. According to Yardi Matrix, each building offers two stories, with floorplates ranging from 26,879 to 57,600 square feet and a total of 828 parking spaces. Current tenants include California Employment Development Department, Continental Exchange Solutions, NPR of America and Dream International.
NKF’s team included Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones, Managing Director Blake Bokosky and Senior Associate Brandon White.
“This asset offers the buyer an attractive value-add opportunity as there is a large back-office vacancy and office suites that once filled will significantly increase the cash-flow of this quality office project,” said Jones, in a prepared statement. “The above-standard convenient surface parking and densely populated key north Orange County location, are strong draws for users.”
The Offices @ Village Business Park is within close proximity to the 5 and 91 freeways, as well as nearby attractions such as Knott’s Berry Farm and the Source OC, an outdoor dining, shopping and entertainment asset totaling 400,000 square feet.
Image courtesy of Newmark Knight Frank