BAILARD, CT REALTY ACQUIRE CENTRUM SOUTH OFFICE BUILDING IN ORANGE
A client advised by investment advisor Bailard, Inc., in partnership with CT Realty, has acquired the five-story Centrum South office building in Orange, Calif., for $20.5 million. The 90,191-square-foot property is located at 725 W. Town & Country Rd. and was purchased from Scientific Investments LP.
Situated on a three-acre site in the heart of Orange County’s central business district, Centrum South enjoys a premier location with freeway frontage along the Garden Grove Freeway (SR-22) and convenient access to both Interstate 5 and SR-55. The Class A building also offers flexible floor plates to accommodate users ranging from 550 to 18,990 square feet and free onsite parking.
Centrum South is currently 83 percent leased with 57 percent of the building occupied by four tenants totaling 51,700 square feet. The largest tenant, Jacobs Engineering, a full-service railroad engineering consulting firm, occupies nearly 19,000 square feet of the leasable space.
CT Realty will serve as the asset manager and provide professional management services for the office property. The company also plans to renovate the property’s landscaping, restrooms, common areas and add outdoor amenities prior to leasing the remaining space in the building. David Dowd and his team from CBRE’s Newport Beach, Calif., office have been retained to handle the leasing and marketing of the asset.
“CT Realty has been strategically focused on industrial investments and developments from California to Texas over the last five years due to the extraordinary opportunities and market conditions,” said James “Watty” Watson, chief executive officer and president of CT Realty. “However, the CT management team has an even broader background and performance record in the office building business from prior cycles. As we expand CT’s geographic footprint, we intend to do so with equal focus on industrial and office investments.”
“This is the second Orange County office property investment we have done with CT Realty in the past eight months. We are excited about the opportunity to find outstanding relative value in the improving Orange County office market and enthusiastic about our growing relationship with CT,” said Preston Sargent, executive vice president and director of real estate investments at Bailard.
Paul Jones with Newmark Grubb Knight Frank’s Newport Beach office and Kevin Shannon with NGKF’s West Coast Capital Markets team in Los Angeles represented Scientific Investments in the transaction. CT Realty represented Bailard/CT.