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LAKE FOREST, CA-Advanced Real Estate Services Inc. has acquired a 30,156-sf class A office building at 23792 Rockfield Blvd. from Diversified Rockfield Services for $7.4 million. Advanced plans to relocate to the building this summer, according to Rick Julian, the company's president.

Julian calls the purchase of the 23792 Rockfield building "a huge strategic move for us," explaining that the building will facilitate the company's growth as it continues an aggressive acquisition program. Advanced owns and operates approximately 5,000 multifamily units in the Southland.

The two-story building is situated on 1.2 acres with subterranean parking and is close to the 5 and 405 freeways. Robb Cerruti, director of property development at Advanced Real Estate, tells GlobeSt.com that the company plans to occupy about 6,500 sf of the Rockfield building, which was 50% occupied at the time of the sale.

Advanced, which owns the approximately 3,000-sf office condominium that it now occupies as its corporate headquarters, plans to sell that property in conjunction with the move to Rockfield Boulevard. The new site will house the company's 25 corporate office employees.

Advanced employs approximately 300 workers, with about 150 of them in positions as on-site employees and maintenance personnel. The other 125 employees are in the company's construction division, which works out of the Advanced warehouse in Anaheim.

Advanced, which formed its construction division in order to renovate its current portfolio, has since shifted its acquisition focus to specialize in value-added assets that need rehab. Within this division, Cerruti notes, "We are able to purchase and stock renovation material in bulk and directly from the manufacturers."

The company is also making its own solid hardwood kitchen and bathroom cabinets. "This not only provides a higher quality material for our properties at a significant savings, but we are also able to turn the units in a much shorter time frame," Cerruti points out.

Chris Deason and Gil Marrero of Voit Commercial Brokerage represented both parties in the sale of the Rockfield building. Advanced plans "a significant investment in the property over the coming months," the company says.

Instant Insights /

Advanced Real Estate Acquires New HQ

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