Harbor Associates Acquires Orange County Office Portfolio for Approximately $80 Million
Long Beach, CA-based investment firm has $150 Million in Orange County commercial real estate transaction activity in October
By: Harbor Associates
Harbor will immediately begin renovations across the portfolio which will include lobby enhancements, building exterior improvements, new signage, move-in ready suites, EV charging stations, LED lighting retrofits and restroom and corridor updates.
The acquisition follows Harbor's $72.8M portfolio sale of the recently renovated three-building 211,000-SF Create Tustin campus in Tustin located near Interstate 5 and Jamboree Rd.
Harbor's Orange County office portfolio includes eight projects totaling nearly 1M SF. The company has acquired 25 assets in the last five years and the firm's Southern California portfolio has grown to more thanr 2,750,000 SF.
"We continue to find interesting opportunities in Orange County and Southern California. Anaheim City Centre and Crown Cabot are two of the premier assets within their respective submarkets and we believe our planned renovations will be well received by the market," said Harbor Paul Miszkowicz.
"While both submarkets are very different, they each represent an opportunity to provide high quality office environments where few opportunities for the same, currently exist. The projects are also well located to serve the needs of office tenants, in their respective communities of Northwest and South O.C., who are searching for space in close proximity to well populated neighborhoods rich with employee talent," add Harbor Principal Rich McEvoy
This portfolio represents the 25th office acquisition in the last five years for Harbor. The firm intends to build on its recent momentum by sourcing new opportunities and pursuing similar strategies throughout Southern California with the goal of acquiring $250M over the next 12 months.
About Harbor: Harbor Associates, LLC (http://www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. Harbor has been involved in the renovation, repositioning and development of 25 office projects totaling over 3.2 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.
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