Cushman & Wakefield announced today that it served as advisor to Bixby Land Company in the sale of 26250 Enterprise, a 76,841-square-foot office building in Lake Forest, CA. The property was purchased by an affiliate of Menlo Equities LLC. The seller was represented by Jeffrey Cole, Jeffrey Chiate, David Dowd and Ed Hernandez from C&W’s Irvine office.
26250 Enterprise is a two-story, multi-tenant office building situated on 5 acres of land with immediate access to the 241 toll road and Interstate 5 via Bake Parkway. It is currently 87% leased to four tenants, 50% of the space is occupied by Panasonic Avionics Corporation.
“With vacancy rates in Irvine in the single-digits, South County is poised for significant rental rate growth in the near term. 26250 Enterprise has both long term credit tenancy in half the building as well as multi-tenant flexibility, which makes it a smart investment,” said Jeffrey Cole, Executive Director with Cushman & Wakefield.
The South Orange County office market ended 2014 with 10.1% vacancy, the lowest in Orange County. The current vacancy rate represents a 130 basis points decline from one year ago (11.4%). Vacancy has significantly dropped since it reached its peak at 19.6% in Q3 2010. The direct average asking rental rate is $1.99 full service gross per square foot (PSF). Rents have risen 4.2% over the last 12 months. The market recorded 234,810 square feet of positive net absorption in 2014, marking the fifth consecutive year of positive net absorption.