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With a little help from Drawbridge Realty, grading service Collectors Universe able to expand again
By: Drawbridge Realty
The leases are for space in both the 1600 and 1610 buildings. Both spaces were fully built out by the landlord prior to lease signing allowing Collectors' Universe the flexibility to move in immediately.
The new leases expand the tenant's occupancy in the campus to more than 185,000 s.f. bringing the property to full occupancy. In October 2020, Drawbridge accommodated a 62,870 s.f. expansion by Collectors Universe after negotiating a mutually acceptable early termination with another tenant.
Collectors Universe, a leading provider of third-party authentication and grading services to the collectibles industry, has been in strong growth mode. The industry, including sports, entertainment, toys, and other collectibles is susceptible to counterfeit product due to the high prices commanded by popular collectibles, often in online auctions. Just this month, a rare Tom Brady rookie trading card sold for $2.25 million at auction. In February, Collectors Universe was acquired and taken private by an investor group led by D1 Capital Partners, L.P. and Cohen Private Ventures, LLC.
Drawbridge acquired the Pacific Center campus, which sits within an Opportunity Zone and is close to the Orange County airport, in 2019 and immediately initiated a renovation of the buildings' lobbies as well as upgrading the parking lot, landscaping and signage.
Drawbridge also owns an adjacent building, 1700 St Andrews Place. The 171,330 s.f., three-story research and development property is currently occupied by Johnson & Johnson.
About Drawbridge Realty:
Drawbridge Realty is a San Francisco-based real estate investment and development company that targets commercial property investments in growth markets across the U.S. Its portfolio primarily consists of office properties leased long-term to large corporations with an emphasis on strategically important locations. Drawbridge has a long history of successfully creating value for corporate clients and investors and has completed transactions with companies including Bayer, Broadcom, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, NI, and Northrop Grumman. The current Drawbridge portfolio is comprised of over 5 million square feet located in growth markets across the United States.
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