A JV is continuing to gobble up office properties in Orange County.
A JV of Lincoln Property Co.’s LPC West and Angelo Gordon have acquired a six-property portfolio of Class-B office buildings totaling 400K SF in Orange County from The Colton Co.
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JV officials did not disclose the price.
CBRE’s Bob Smith represented the seller.
The six mid-rise Class-B buildings are in key markets in Orange County, next to major freeways and submarkets with low unemployment rates, making them an attractive investment, LPC West Vice President Anthony Zegers said in a news release.
“The Class B office market continues to shrink in Orange County as landlords either invest significant capital and reposition to Class A creative space, or tear down and convert to residential,” Zegers said. “That dynamic, along with high demand for Class B office space, has created a niche that we find very attractive.”
This is the second portfolio acquired by LPC West and Angelo Gordon in as many years. Last year, the JV purchased a four-office property portfolio totaling 540K SF in the John Wayne Airport submarket.
The newly acquired buildings are currently more than 85% leased with a diverse tenant mix. LPC West plans to renovate the office buildings to include upgrades to common areas, building lobbies, exterior areas and base building systems, according to the news release.
The properties are at:
2300 East Katella Ave. in Anaheim;
3111 North Tustin in Orange;
765 The City Drive in Orange;
23041 Avenida de la Carlota in Laguna Hills;
23161 Mill Creek Drive in Laguna Hills; and
23101 Lake Center Drive in Lake Forest.
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