• $26,100,000

    Asking Price

  • Office

    Property Type

  • 81,551

    Square Feet

  • 6.10%

    In-Place Cap Rate

  • 3.3 Years

    WALT

  • 93%

    Occupancy

$26,100,000

Asking Price

Office

Property Type

81,551

Square Feet

6.10%

In-Place Cap Rate

3.3 Years

WALT

93%

Occupancy

Description

Newmark Knight Frank (NKF), as exclusive advisor, presents the rare opportunity to acquire the fee-simple interest in Sky Park (the Property), a newly-renovated, institutionally-maintained office campus located within the strategic and prestigious Orange County Greater Airport Area/Irvine Business Complex.

The three-building office campus totals 81,551 rentable square feet and is currently 93% leased to a mix of regional and local tenants. The Property, originally developed in 1975 by The Irvine Company and extensively renovated in 2019, is located within a serene-like setting surrounded by a greenbelt perimeter and situated on a single parcel totaling ±5.0 acres. Sky Park provides immediate access to the San Diego (I-405), Costa Mesa (SR-55) Freeways and the San Joaquin Hills Transportation Corridor (SR-73), allowing for convenient commutes to all of Southern California.

The Property is within walking distance to numerous amenities at The Square, offering over 16 shops and restaurants, as well as The Irvine Concourse, which features numerous eateries and an Equinox Sports Club.

Sky Park features a stable and predictable cash flow, with a five-year average historical occupancy of 90%. In addition, the Property offers potential upside as in-place rents are approximately 3% below market levels, allowing an investor to execute a mark-to-market leasing strategy as tenants renew. Sky Park is uniquely positioned to capitalize on future economic expansion and rent growth as the Orange County office market is driven by an expanding and diversified employment base, a well-educated workforce, and almost non-existent competitive new development.

Newmark Knight Frank (NKF), as exclusive advisor, presents the rare opportunity to acquire the fee-simple interest in Sky Park (the Property), a newly-renovated, institutionally-maintained office campus located within the strategic and prestigious Orange County Greater Airport Area/Irvine Business Complex.

The three-building office campus totals 81,551 rentable square feet and is currently 93% leased to a mix of regional and local tenants. The Property, originally developed in 1975 by The Irvine Company and extensively renovated in 2019, is located within a serene-like setting surrounded by a greenbelt perimeter and situated on a single parcel totaling ±5.0 acres. Sky Park provides immediate access to the San Diego (I-405), Costa Mesa (SR-55) Freeways and the San Joaquin Hills Transportation Corridor (SR-73), allowing for convenient commutes to all of Southern California.

The Property is within walking distance to numerous amenities at The Square, offering over 16 shops and restaurants, as well as The Irvine Concourse, which features numerous eateries and an Equinox Sports Club.

Sky Park features a stable and predictable cash flow, with a five-year average historical occupancy of 90%. In addition, the Property offers potential upside as in-place rents are approximately 3% below market levels, allowing an investor to execute a mark-to-market leasing strategy as tenants renew. Sky Park is uniquely positioned to capitalize on future economic expansion and rent growth as the Orange County office market is driven by an expanding and diversified employment base, a well-educated workforce, and almost non-existent competitive new development.

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Pricing

  • Asking Price$26,100,000
  • Price PSF$320
  • WALT3.3 Years
  • In-Place Cap Rate6.10%
  • In-Place NOI$1,585,644

Details

  • Property TypeOffice
  • Property StatusOffers Due
  • Call for Offers11/11/2020
  • Square Feet81,551
  • Year Built1975
  • Year Renovated2019
  • Building ClassB
  • Building(s)3
  • Stories2
  • Parking Ratio4.3/1,000
  • Acres5.00
  • APN427-202-08
  • TenancyMulti
  • Occupancy93%
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Offering Summary

Pricing

  • Asking Price$26,100,000
  • Price PSF$320
  • WALT3.3 Years
  • In-Place Cap Rate6.10%
  • In-Place NOI$1,585,644

Details

  • Property TypeOffice
  • Property StatusOffers Due
  • Call for Offers11/11/2020
  • Square Feet81,551
  • Year Built1975
  • Year Renovated2019
  • Building ClassB
  • Building(s)3
  • Stories2
  • Parking Ratio4.3/1,000
  • Acres5.00
  • APN427-202-08
  • TenancyMulti
  • Occupancy93%

Deal Team

Sean Fulp

Executive Managing Director

CA RE Lic. #01389064

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Ryan Plummer

Managing Director

CA RE Lic. #01765854

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Mark Schuessler

Director

CA RE Lic. #02033871

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Ryan Tetrault

Associate

CA RE Lic. #01996711

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