Newmark has completed the sale of Crown Cabot Financial Center located at 28202 Cabot Road in Laguna Niguel, CA. The six-story multi-tenant office building totals 175,268 square feet and is 87 percent occupied by 26 tenants including Morgan Stanley, Bank of America, Acrisure and ActivePDF.
Newmark’s Executive Managing Director Paul Jones, Co-Head of U.S. Capital Markets Kevin Shannon, Managing Director Blake Bokosky and Senior Associate Brandon White represented the institutional seller. The buyer, Long Beach-based Harbor Associates, represented itself.
The Class A property is situated on nearly seven acres, was and built in 1989. The property was renovated in 2018, which consisted of an upgraded main lobby, a new tenant lounge, upgraded restrooms and a new outdoor seating area. The building has three elevators, large floor plates, tall ceilings heights, generous window lines, an outdoor lounge area and ample surface and structured parking. Crown Cabot Financial Center is surrounded by numerous retail and service amenities and is easily accessible to the Interstate 5 Freeway and State Route 73.
“Crown Cabot was a rare, high quality coastal south Orange County office building that generated strong interest from various capital sources,” said Jones. The asset has historically performed very well and offers great visibility along the 5 Freeway. Harbor Associates will further reposition the asset in order to achieve even further rent appreciation and tenant demand.”
Crown Cabot Financial Center’s location provides convenient access to business, residential and recreational opportunities throughout the region. It is also one-mile from the one million square-foot Shops at Mission Viejo and Kaleidoscope Courtyards retail center.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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