Ample Opportunity for OC Office Value-Add

Peter Schafer

“There are thousands of buildings in Orange County that can be repositioned to meet the demands of the current market,” Peter Schafer, project manager, Guthrie Development Company, tells GlobeSt.com. “It is up to the local users and real estate professionals to unlock these opportunities.” The firm is executing a value-add strategy on office properties in the Orange County market, and says that there is plenty of opportunity. We took a look inside one of the company’s recent projects, the Placentia Office Park. Guthrie purchased the property in June 2017 and executed a quick repositioning plan. The result: the company sold it to strong interest from investors and multiple offers.

“At Placentia Office Park, the buildings have traditionally been the best in the small submarket,” Schafer tells GlobeSt.com “The previous owner was compelled to sell the property due to external forces that did not relate to the specific property.  The properties were well maintained, but some building systems had reached the end of their useful lives including the roofs and parking lot surfaces.  We completed our renovations immediately after acquiring the project.  The previous owner also improved the common areas by adding outdoor seating and replacing the HVAC systems, which significantly improved the property for existing and new tenants.”