LPC West Buys 400K SF of Office Space in OC
The West Coast arm of Lincoln Property Co. acquired a six-property office portfolio with assets located in both north and south Orange County.
LPC West, the West Coast division of Lincoln Property Co., has acquired a six-property portfolio in Orange County from the Colton Co. The class-B portfolio totals 400,000 square feet, and assets are located in both north and south Orange County. The portfolio traded hands for an undisclosed amount.
The sale includes 2300 E. Katella, Anaheim; 3111 N. Tustin, Orange; and 765 The City Drive, Orange, in north Orange County, and 23041 Avenida de la Carlota, Laguna Hills; 23161 Mill Creek Drive, Laguna Hills and 23101 Lake Center Drive, Lake Forest, in South Orange County. The portfolio was 85% leased at the time of the sale to a diverse tenant mix that includes professional services firms and media tenants. LPC plans to execute a value-add strategy on the portfolio, upgrading common areas, the lobby in the buildings and the exterior, as well as the functional building systems.
LPC West wants to expand its presence in the Orange County market, and this deal is exemplary of its growth strategy in the market. Bob Smith with CBRE represented the seller in the transaction.