OVERVIEW

115,760 SF multi-tenant property on 9.13 acres in Orange County, CA. Located west of the 241 Toll Road and east of the 55 Freeway. Comprises four buildings constructed in 1988, using concrete tilt up walls, structural steel, steel joists, and metal deck. Purchased at 65.1% discount to replacement cost.

OPPORTUNITY

We acquired the property in Q4 2016 at 94% occupancy. The asset is in a high-income area in Orange County. Our original business plan is to increase rents and improve Common Area Maintenance (CAM) recoveries, which the prior owner neglected. $7.44 PSF NNN base rents were approximately 11% below market rents and 14% below broker rents at acquisition.

VALUE-ADD INITIATIVES EXECUTED

We pushed rents to market rates at the property, approximately 30.7% increase since acquisition.