SOLD - Office Condo Short Sale

The OC Office Group completed the sale of a 3,212 square foot office condominium on the second floor of Chrisanta Courtyard in Mission Viejo. The property sold for $650,000 ($202 PSF) as a short sale to a family trust. The buyer intends to lease the property for up to 3 years before beginning to use the property.

SOLD - 1 Unit at Valle Ranch Business Park

The OC Office Group sold another unit at Valle Ranch Business Park in July 2010 leaving only 1 unit left for sale. Advent Investment Properties purchased the 8,942 square foot office unit for $1.3 million and will move their business into the property this month. The buyer took advantage of an REO opportunity and has found a prestigious home for their business in a class A office property with major freeway signage. Please contact Rob Rader at (949) 790-3145 for information on the last remaining unit for sale.

SOLD - 1 Building at Valle Ranch

The OC Office Group of Lee & Associates sold the first of two office buildings at Valle Ranch Business Park in San Juan Capistrano. The two-story, 17,000 square foot office building traded for $2.53 million to an investor who plans on leasing the property for $1.85 to $2.20 modified gross and has one tenant in place already. The project was completed in 2006 as one of the newer buildings of the mature San Juan office market that boasts less than 9% vacancy. The bank owned sale closed at the end of May 2010 and there is only one building remaining for sale at the project. Contact The OC Office Group for more information or properties like this, 949-790-3145.

SOLD - Mission Viejo Office Building

The OC Office Group represented the buyer of a 5,600 square foot office building in Mission Viejo. The building is part of the Centrepointe project off of Alicia and Jeronimo which was built in 2005. Sold with very high-end, creative interior improvements and professional office furniture this a "plug & play" opportunity allowed the new owner/user to eliminate additional improvement costs and costly down time. The sale price was $1.16 million and sold at the end of May 2010. For more information or properties like this one, please give us a call, 949-790-3145.

LEASE - 111 Pacifica welcomes Ray & Gourde

Kilroy Realty and The OC Office Group are pleased to welcome Ray & Goude, LLP as the newest company at the Pacifica Building. The law firm entered into a 2,500 square foot lease this April moving their offices from Tustin to the Irvine Spectrum. They will be a terrific addition to the professional environment and class "A" features of the three-story office building situated between the three highways in the Irvine Spectrum area.
The OC Office Group represented Kilroy Realty in the lease transaction and thank Kristine Tran of ESDI for bringing Ray & Gourde to the property.
For additional availability in the property, please contact Dave Smith, Adam Wicker or Rob Rader at 949-790-3145.

Bank Owned Office Property - FOR SALE

Two highly visible bank owned office buildings directly on the I-5 freeway in San Juan Capistrano are for sale as a bank REO. The two-story office buildings were built in 2006 and have high end finishes in three of the four floors with one tenant in place. This promises to be a good, mid-term investment for any owner/user or investor. For more information, please call Rob Rader or Dave Smith at 949-790-3145.

SOLD - Mission Viejo Office Property

The OC Office Group just closed the sale of a 12,096 square foot office building in Mission Viejo this April. The two-story, freestanding building is in the premier location of the Crown Center business project and was sold for $2,250,000. After being on the market for over a year, The OC Office Group was able to reintroduce the property to the market and identify a buyer within a month of listing the property. For more information please contact Matt Fryer or Adam Wicker at 949-790-3122.

Distressed Properties for Sale

The OC Office Group is listing multiple distressed assets.

OC Office Group Completes Bacchus Lease

The OC Office Group of Lee & Associates completed a 1,200 SF office lease at Bacchus Office Park within two weeks of listing the property. The lease included furniture phone and network systems to house American Medical Media, Inc., a successful online software and marketing company. Another 1,000 square foot office space at Bacchus Office Park will be listed this week by The OC Office Group. For more information, go to OCofficespace.com.

Commercial RE may be bottoming

The Los Angles Times addresses the bottoming of the commercial real estate market but the uncertainty of when there will be a rebound.

The abundance of available office space in the Orange County market gives tenants a lot of options and leverage. Landlord's are willing to make substantial concessions on their rental rates, free rent and tenant improvement packages to attract new customers.

LoopNet Pulse Poll: Q1 2010 Market Sentiment - Zoomerang Online Survey Results

LoopNet Pulse Poll: Q1 2010 Market Sentiment - Zoomerang Online Survey Results

Capmark Files for Bankruptcy Protection

The Wall Street Journal reports that Capmark Financial Group, a major commercial lender, is filing for bankruptcy protection.

Landlords Use "Teaser" Rates to Show Their Cards

You were looking on the internet and you saw a class A or B office space for $1.00 per square foot, full service gross. This rate is about half of what other similar buildings are asking so why is it such a good deal? Orange County landlords are searching for ways to increase activity and let prospective tenants know that they are willing to offer significantly reduced rent for an initial period of the lease.

When you talk to the listing agent, simply ask 1) if the rate you see is a "teaser", 2) how long will the rate apply and 3) what will the future rate structure be? For instance, a landlord may offer 6 months of half rent on a 36 month lease (equal to 3 months of free rent.) This too is an asking rate which is negotiable but it lets the tenant know how much free or reduced rent is being offered right out of the gate. Other deal points such as tenant improvements, lease term, occupancy date and credit will dictate how much more rent reduction you can negotiate.

The OC Office Group of Lee & Associates represents multiple properties where landlords are offering "teaser" rates. We are also well versed to save you time in identifying which properties are offering a teaser rate and which landlords are being the most aggressive. You can search these properties at OCofficespace.com or call us at (949) 790-3145.

Bacchus Development Files Chapter 11

Great deals on office buildings owned by Bacchus in the Irvine Spectrum are hitting the market as creditors are forced to take control of the properties. The Bacchus brand of companies filed for Chapter 11 bankruptcy protection last Friday.

Brand new buildings can be purchased well below their replacement cost and 50% to 60 % off their peak selling prices two years ago. These fee simple buildings have been highly desirable since 2005 for their appealing architecture and construction quality. All types of small businesses have made a home in Bacchus' projects from teddy bear companies to sport agents. New owners have a blank canvass to construct an interior that represents their business far better than their last lease space.

For more information on which properties will be let go below market, give us a call at 949-790-3145.

More Money Woes Seen for big OC Landlords

Tom Sherlock, senior managing director for Buchanan Street Partners in Newport Beach, is this year’s president of Southern California chapter of NAIOP, the National Association of Industrial and Office Properties.

The OC Register wanted to get his take on what’s been seen as a deteriorating commercial real estate sector.

Office Space Value

Spectrum Tower in Laguna Hills, on the border of the Irvine Spectrum, presents one of the best values in the marketplace. The ownership is offering new tenants rental rates at $1.00 per square foot for the first year of a three year lease and slightly double that for the second and third year. Leading the market with brand new spec suites and a great value is setting this Orange County office building apart from the competition.

It was known as the old Pacificare building but now known as "Spectrum Tower" and competition for Irvine Spectrum property owners. Low-rise and high-rise tenants in the Irvine Spectrum require upgraded finishes and professional appearance consider this to be an excellent alternative without downgrading.

Many landlords in Orange County are posturing with higher asking rates and a "wait and see" approach to tenant improvements but TA Associates Realty realizes that being a proactive, dealmaker will attract the savvy businesses in today's market place.

For more information on this property, contact Rob Rader of The OC Office Group at (949) 790-3145.

LA Times Article on Maguire Properties

SOC Office Space

The OC Office Group is a commercial real estate team housed out of Lee & Associates. For more information, go to OCofficespace.com

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