The new project, to be called PRES Corporate Center, will feature eight buildings that will range in size from 26,000 sf to 63,000 sf and will be designed for sale to owner-users and investors. The first buildings scheduled to be delivered in the second quarter 2004, and PRES already has two of them under contract for sale. The buildings will feature 24-foot clear heights, grade-level and dock-high loading, and up to 15% office build-out.
The project, designed by LPA Inc. architects of Irvine, is located on a 15.7-acre site within the master-planned PacifiCenter Corporate Business Park near the intersection of Edinger Road and the 55 Freeway. PRES Corporate Center will be in the Santa Ana Enterprise Zone, a designation that provides favorable tax credits and incentives for businesses.
Buchanan Street tapped a regional commercial bank that provided a two-year LIBOR-based construction loan at a competitive rate for the PRES Corporate Center, with Doug Thompson and Mike Coady in Buchanan Street's Newport Beach office arranging the loan.
PRES is a diversified real estate company providing brokerage, development and construction management, acquisitions and investments, corporate consulting and financial analysis in connection with real estate requirements, and property and asset management. The company invests in commercial real estate for its own account and on the behalf of institutional and private partners. Among the recent acquisitions by PRES were two adjacent office buildings totaling 66,363 sf at 19772 and 19782 MacArthur Blvd. in Irvine's Centrepointe Office Park, which the company bought from Colton Corp. of Irvine for $9.7 million.
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