YORBA LINDA, CA—An amenity-rich area with a wealth of restaurants, hotels and retail centers, Yorba Linda offers a more convenient, less-trafficked business location for companies with employees living in Riverside County, Cushman & Wakefield executive director Jeffrey Cole tells GlobeSt.com. As we recently reported, Cole, along with Jeff Chiate, Ed Hernandez and Rick Ellison from C&W's Irvine, CA, office, represented the seller identified by Real Capital Analytics as a joint venture between Hines and Oaktree, in the sale of Savi Tech Center here to Savi Ranch Property Holdings for $95 million. We spoke exclusively with Cole about the transaction and why office tenants are drawn to this market.
GlobeSt.com: What makes this transaction unique for you?
Cole: The buyer was a high-net-worth individual investor, which was pretty rare for such a high-value deal as Savi Tech Center. We initially thought there would be more institutional capital interested in the offering, but at the end of the day it was mostly private capital interest. Furthermore, there were multiple high-net-worth investors vying for the asset. This sale was also significant since it represents the largest portfolio sale of this type in Yorba Linda history.
GlobeSt.com: What draws office tenants to the Yorba Linda market?
Cole: It's an amenity-rich area with a wealth of restaurants, hotels and retail centers and offers a more convenient/less trafficked business location for companies with employees living in Riverside County.
GlobeSt.com: How does this market compare to the surrounding submarkets?
Cole: Yorba Linda is a dynamic smaller submarket with 6.5 million square feet of inventory. It currently has a very low office vacancy for this submarket at just 10.6%, which is near its record-low rate of 9.9% in 2007. No current new construction is under way, so supply should remain tight into the foreseeable future. Also, the submarket is adjacent to California SR 91, a major east-west freeway serving the Greater Los Angeles area.
GlobeSt.com: What else should our readers know about the Yorba Linda office market?
Cole: Yorba Linda is a suburban office market located about 40 miles outside Downtown L.A. It has been recognized as one of the best places to live by CNN Money Magazine and is one of Orange County's fastest-growing communities. It is also home to the Richard Nixon Presidential Library.
YORBA LINDA, CA—An amenity-rich area with a wealth of restaurants, hotels and retail centers, Yorba Linda offers a more convenient, less-trafficked business location for companies with employees living in Riverside County, Cushman & Wakefield executive director
GlobeSt.com: What makes this transaction unique for you?
Cole: The buyer was a high-net-worth individual investor, which was pretty rare for such a high-value deal as Savi Tech Center. We initially thought there would be more institutional capital interested in the offering, but at the end of the day it was mostly private capital interest. Furthermore, there were multiple high-net-worth investors vying for the asset. This sale was also significant since it represents the largest portfolio sale of this type in Yorba Linda history.
GlobeSt.com: What draws office tenants to the Yorba Linda market?
Cole: It's an amenity-rich area with a wealth of restaurants, hotels and retail centers and offers a more convenient/less trafficked business location for companies with employees living in Riverside County.
GlobeSt.com: How does this market compare to the surrounding submarkets?
Cole: Yorba Linda is a dynamic smaller submarket with 6.5 million square feet of inventory. It currently has a very low office vacancy for this submarket at just 10.6%, which is near its record-low rate of 9.9% in 2007. No current new construction is under way, so supply should remain tight into the foreseeable future. Also, the submarket is adjacent to California SR 91, a major east-west freeway serving the Greater Los Angeles area.
GlobeSt.com: What else should our readers know about the Yorba Linda office market?
Cole: Yorba Linda is a suburban office market located about 40 miles outside Downtown L.A. It has been recognized as one of the best places to live by CNN Money Magazine and is one of Orange County's fastest-growing communities. It is also home to the Richard Nixon Presidential Library.
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