Panattoni Sells Foothill Business Park

LAKE FOREST, CA-Panattoni Development Co. of Sacramento has sold $30 million of buildings and has filled all but four of 25 units offered for lease at its 21-building, 168,000-sf Foothill Business Park. Dave Travis of the Irvine office of Voit Commercial Brokerage reports that the mixed-use R&D and office park has "helped alleviate the pent-up demand in Lake Forest for brand new office and R&D space."

Travis and Tim Walker, also of Voit's Irvine office, represented Panattoni in the sale of 19 of the 21 buildings. The project is located in the Foothill Ranch neighborhood at the intersection of Rancho Parkway and Bake Parkway.

The Foothill Transportation Corridor includes the 241 toll road, which connects with other major routes. The Foothill Business Park, which features frontage along the 241, is a two-phase development that consists of 18 for-sale freestanding single-story office buildings totaling 81,367 sf, two for-sale office condominium buildings of two stories each totaling 18,000 sf and two multi-tenant R&D buildings for lease totaling 55,000 sf.

The 18 freestanding single-story office buildings sold out for approximately $25 million, while the two-story office condominium buildings, which consist of eight units ranging from 1,800 sf to 3,000 sf, sold for an aggregate of $5 million. The two multi-tenant R&D buildings comprise 25 units ranging from 1,500 sf to 3,600 sf, with all but four units leased. Walker, Travis and Pat Walker of Voit are the listing agents for the units.

The Voit brokers say that one of the selling points of the project is the centrality of the location along the Foothill Transportation Corridor, which runs from Rancho Santa Margarita to Yorba Linda. Route 241 connects with State Route 133, State Route 261, and State Route 91, with a planned southern expansion that would extend the toll road to meet with Interstate 5 at the San Diego County line near San Onofre.