According to Gil Marrero of the Irvine office of Voit Commercial, who was one of the brokers on the deal, the property was 90% leased to 10 quality tenants at the time of sale and "offers a great investment opportunity for the buyer." Marrero tells GlobeSt.com that the property represents a stabilized asset with upside in raising the rents over time as leases roll.
The office property is part of an airport area business neighborhood that has been one of the big drivers of the Orange County office market in recent years, accounting for a large portion of the region's absorption and posting some of its highest rental gains. The airport area also has posted some of the lowest vacancy and availability rates in recent years.
Marrero, who has the leasing assignment for the Bayview Plaza property, was part of a Voit team including Alan Pekarcik and Dan Vittone of the brokerage's Irvine office who represented the seller, Birch Bayview Plaza LLC. Birch Bayview Plaza LLC is a partnership of the Steadfast Cos. and McCarthy Construction. Steadfast and McCarthy developed the property, and both firms are tenants in the office complex.
Marrero, Pekarcik and Vittone also represented the buyer, who was undisclosed, but property records indicate that the new owner is Ferrado Bayview LLC. The Birch Bayview Plaza, which features views of Upper Newport Bay, is occupied by a tenant roster including architectural firms such as Watkins/Baile & Associates, Meeks & Partners and Scheuer Architects, as well as a leading provider of information technology services, SRA International.
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