Yet Another OC Office Asset Sells

MISSION VIEJO, CA-Despite industry reports that office trades in Orange County are lagging, properties continue to trade hands. Prudential Real Estate Investors has sold Mission Ridge, a two-building, class-A office campus here totaling 231,065-square-feet, to Cornerstone Real Estate Advisers for an amount undisclosed to GlobeSt.com.

HFF marketed the property on behalf of PREI, and Cornerstone, on behalf of an institutional investor, purchased the asset free and clear of existing debt. HFF's investment sales team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate directors Derreck Barker and Nick Foster.

Developed in 2000, the property was 90% leased at the time of sale. Greg Puccinelli of Jones Lang LaSalle was the local market leasing broker on the sale. According to Gallagher, “This property was highly sought after due to its location, quality and historically strong track record within south Orange County.”

Several other office trades have recently taken place in the county. As GlobeSt.com reported earlier this week, a fund managed by Goldman Sachs Asset Management has purchased Newport Plaza, a 107,472-square-foot, class-A office building here, for an undisclosed amount from Equity Office. Also, as GlobeSt.com reported last week, Hines Global REIT, a public REIT sponsored by international real estate firm Hines, has acquired 2300 Main, a five-story, class-A office building, from Von Karman-Irvine Associates LLC for $38.2 million. And, as GlobeSt.com also reported earlier this week, a joint venture between international real estate firm Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management L.P. has acquired 17850 Von Karman, a .65-acre site in Irvine's Main Corporate Center, for an undisclosed amount to develop a 242,000-square-foot, class-A office building without a particular tenant in mind. Clearly, office investment is still active in the county.