John Wayne Says: It's a Seller's Market
Near John Wayne Airport, sellers have the upper hand in office, PM Realty Group SVP Tim Joyce tells us, with both core and value-add product offering strong returns—strong enough to bring in more interested buyers than product to buy. Recently Tim and Newmark Grubb Knight Frank’s Gary Allen and Doug Matthews repped Shea Properties in the separate sale of two buildings, 26940 and 26970 Aliso Viejo Pkwy to Roosevelt Capital Partnership and AVM Investment Group, respectively, for a total of $14M.
The airport submarkets have been proven to be good places to own office, Tim adds. “Sellers with desirable product—irreplaceable locations—will always be at the front of the line.” (The only thing better than location is location, location, location.) Even though demand for space is fairly strong, buyers also see opportunity in redeveloping into more contemporary office space to give assets an edge. Roosevelt Capital Partnership, for instance, plans to rebrand its property and build out creative office space in its vacant units.
