June 2, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged the sale on behalf of the Bailard Real Estate Fund of Palm Terrace, a 155,795-square-foot Class A office campus consisting of three two-story office buildings, for $40.45 million in Lake Forest, California.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones and Senior Associate Brandon White represented the seller, Bailard. The buyer, Kingsbarn Real Estate Capital, was self-represented.
“Palm Terrace is a stabilized office investment with a strong, diversified rent roll that offers an attractive going-in yield,” said Jones. “This was Kingsbarn’s second office purchase in South Orange County and aligns with their plan to capitalize on the flight to low-rise product with an attractive weighted average lease term and strong cash flow.”
The property, located at 25521, 25531 and 25541 Commercentre Drive, is 97 percent leased to a diverse tenant mix including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. Property features include revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface level parking, building signage and energy-efficient lighting. Newmark’s Senior Managing Directors Jay Nugent and Greg Puccinelli are the leasing agents for the property.
Strategically located in South County, the property is in proximity to the I-5 Freeway and CA-241 highway as well as a myriad of amenities at the Irvine Spectrum Entertainment Center, Five Lagunas and Foothill Ranch Towne Centre.
About Bailard, Inc.
Founded in 1969, Bailard is an independent wealth and investment management firm that offers proprietary and innovative investment strategies that drive success for clients. For individuals and institutions alike, Bailard proudly serves as a trusted partner focused on achieving long-term results aligned with client values and goals. Throughout its 50+ years, Bailard has remained independent and fiercely committed to the highest ethical standards and best-in-class fiduciary principles. With $5 billion of AUM as of March 31, 2021, Bailard’s high-touch client service and proven track record are grounded in the firm’s core values including accountability, compassion, and excellence. To learn more about Bailard, please visit: https://www.bailard.com/.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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