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California Office Campus Sells For $46M

A 437,000 sq. ft. Orange County office center has traded for $46 million. Voit Commercial Brokerage represented both the buyer, PS Business Parks, Inc. and the seller, Orange County Business Center.

The building is poised for a steep vacancy increase within the next six months unless leasing activity increases soon. With PS Business Parks’ cooperation, Voit closed the escrow in under 40 days.

The property includes five, two-story, Class-B multi-tenant office buildings. Vacancy was 27% at the time of sale, with a full 26% of the total square footage expiring through Dec. 31. That means that the property could face over 50% vacancy by 2004. The largest single tenant is National Water and Power, which occupies 55,415 sq. ft. The business park's address is 1221 through 1261 E. Dyer Road.

The acquisition expands PS Business Park's presence in Orange County to 1.5 million sq. ft. and its overall presence in Southern California to approximately 3.6 million square feet. The acquisition increases PS Business Park's total square footage to 14.9 million rentable sq. ft.

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