Newmark Grubb Knight Frank (NGKF) has completed the $14 million sale of Journey Business Park in the Aliso Viejo submarket of South Orange County, California. The property consists of two multi-tenant R&D buildings totaling 60,648 square feet that are fully occupied by 16 tenants.
Built in 1999 and located at 6 Journey, Journey Business Park is situated on 3.42 acres. The first building totals 50,728 square feet and the second building totals 9,920 square feet. The property includes 203 parking spaces, ground-level truck doors, and warehouse space with 12’ to 22’ clear heights ideal for a variety of light industrial uses. It is located within the master-planned community of Aliso Viejo and is near the 73 Tollway as well as a variety of retail, dining, and entertainment amenities.
“The Aliso Viejo market has a strong demand and limited supply for smaller, multi-tenant properties such as Journey Business Park,” said Mathews. “This fully leased investment provided the buyer with a stable cash flow and the opportunity to increase rents over time.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.