X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COSTA MESA, CA-The Brookhollow Group has unveiled a 245,000-sf development of 42 one-story office suites and five two-story buildings called Coppertree Business Park that adds some smaller low-rise product in an airport market better known for high-rise towers. The new project, with office buildings of 2,800 sf to 5,400 sf, offers what Cushman & Wakefield broker Jeff Chiate calls a rare opportunity for buyers of small buildings to acquire them on a fee simple basis including land.

The project site is at the intersection of the Costa Mesa (55) Freeway and the 73 Tollway, on Kalmus Drive near the intersection of Kalmus with Redhill Avenue. Brookhollow has named Jeff Chiate and Rick Ellison of Cushman & Wakefield in Irvine to market the 15-acre project.

Building prices will begin at about $900,000, with all buildings designed to include ground-floor access and free parking at a ratio of three stalls per 1,000 sf of office space. Chiate points out that, “Unlike many Orange County office condominiums, each building at Coppertree is located on its own fee simple parcel.”

Coppertree was built in 1981 and was planned as an office condominium project offering he same fee simple ownership, but the market for office condo sales stalled. A major factor was soaring interest rates, which hit 20%.

Brookhollow bought the project from a lender in 1983 and leased the buildings until recently. Before offering the buildings for sale, it refurbished them, beginning sales in mid-August.

Chiate says that the factors expected to drive sales at the project include the shortage of quality comparable rental space in the area and the continued strong demand for buildings to buy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.