November 3, 2021 9:00 AM
Newmark[1]
announced that it has arranged the sale of The Campus at South County, a 210,083-square-foot, two-building, Class A office campus located at 27051 and 27121 Towne Centre Drive in Foothill Ranch, California for $50 million, or $238 per square foot. The property traded in an off-market transaction.
Newmark Executive Managing Directors Paul Jones, Brunson Howard, and Ken White, Co-Head of U.S. Capital Markets Kevin Shannon and Director Brandon White represented the seller, a private commercial real estate investment firm. The buyer was an undisclosed high-net-worth individual.
The Campus at South County is part of a master-planned business park. In 2015, the property underwent a major renovation that included new signage, lobbies, corridors, restrooms, landscaping and outdoor courtyard. In 2019, the property was further upgraded with the addition of a tenant lounge and conference center. Major tenants at the property include Cox Communications, Ossur and Fujitsu.
The property’s ideal location presents abundant walkable retail amenities at Foothill Ranch Towne Center. The property offers tenants high corporate identity, above-market average floor plates, large window lines, tall ceiling heights and proximity to numerous retail amenities.
According to Newmark Research, the Orange County office market is poised for a post-pandemic recovery given its strong demographics, growing tech base and diverse occupancy pool that spans multiple industries. Sublet availability in the market has likely peaked, and leasing fundamentals are expected to improve later this year into 2022 as employees return to the office and more companies begin to execute on long-term real estate needs.
[1] Dba Newmark Knight Frank in California
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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