Pat Scruggs, with CB Richard Ellis Inc.'s Newport Beach office, tells GlobeSt.com that the flex development, which was built in 1989, was approximately 90% occupied at the time of the sale. He, Gary Stache and Mark Larson, all with the firm's Private Client Group, brokered the deal, along with Ted Snell and Greg Haly, also with CB's Newport Beach office. Lend Lease Real Estate's San Francisco division was the seller.
The Columbia Drive project is single-story concrete construction, with mezzanine office space. It is occupied by a roster of tenants including the temporary staffing firm, Remedy Temps, and medical device manufacturer, Medstone International. The building is part of Pacific Park, a 900-acre master-planned development.
Scruggs notes that the Columbia project occupies an especially appealing and convenient site within the development because it is surrounded and bordered on three sides by Columbia Drive and a street called Argonaut, providing an island-like setting that gives the property its own identify. The development is close to the Route 73 Transportation Corridor and Aliso Viejo Parkway, providing access to the Orange County freeway system.
Aliso Viejo is part of the South Orange County market, which contained nearly 18.5 million sf of office space at the end of fourth quarter 2002, according to the latest research report from CB Richard Ellis. The South Orange County market represents more than 20% of the 90.67 million-sf countywide office market, second largest behind the 43-million-sf Greater Airport area submarket. Vacancy rates stood at 16.5% in the South Orange County market and 15.8% countywide at the end of 2002, according to the CBRE statistics.
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