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Dropping Brea Vacancies Fuel Office Demand

Orange County Office

The PRES Cos has acquired four Class-B office buildings in Brea for $42M, including the 171k SF Brea Park Center. The buildings are 72% leased to GSA, FIT Electronics, the California Department of Public Health, and more; the plan now is upgrades and aggressive leasing to take advantage of the uptick in demand for office space, PRES managing principal David Bonaparte tells us. Vacancies in Brea have been dropping in recent quarters, he says, coming in at 12% in Q2. Avison Young principals Dan Vittone and Alan Pekarcik repped the Irvine-based PRES. (One thing it has going for it: very fertile soil around its sign.)