ORANGE, CA—The Abbey Co. has sold the City Parkway Collection, a two-building, class-A office portfolio at 500 and 600 City Parkway West here, to Greenlaw Partners for approximately $45.5 million. The 269,395-square-foot portfolio is roughly 83% occupied by a mix of national and regionally recognized tenants across a wide range of industries.
Kevin Shannon, Ken White, Scott Schumacher, Bob Smith, Paul Jones and Blake Bokosky of CBRE‘s institutional properties group, as well as Gary Stache, Pat Scruggs and Anthony DeLorenzo of CBRE’s investment properties group, represented the seller in the transaction. Information about who represented the buyer was not readily available.
The office project sits on 7.85 acres of land and consists of a four-story office building developed in 1978 and renovated in 2002, as well as a10-story office building developed in 1978 and renovated in 2002. According to Smith, “The portfolio will continue to benefit from its location and improving market fundamentals.”
The asset is in immediate proximity to the Outlets of Orange, formerly the Block of Orange, which boasts more than 120 stores/services, 30 restaurants and a movie theater. It’s also near the I-5, 22 and 57 freeways and approximately 11 miles from the John Wayne Airport.
“The Abbey Co. purchased the project at an attractive basis significantly below replacement cost and peak pricing,” says Jones. “Ownership was able to reposition and lease-up the project over the past couple of years, as the Central Orange County market fundamentals continue to improve.”
The transaction represents Greenlaw’s second major local office acquisition in the past 12 months after the purchase of the Orange City Plaza here last year. The firm paid approximately $56 million for the approximately 362,000-square-foot office high-rise less than a quarter mile from the City Parkway Collection.
Greenlaw has also been active in the Southwest. As GlobeSt.com reported in May, the firm and the Broe Group selected the Phoenix office of JLL to market a 90,000-square-foot office project in Tempe where the demand for high density space spurred demolition of a portion of the complex in exchange for a higher parking ratio.