June 18, 2015
A 155,795-square-foot office asset in Lake Forest that serves as the headquarters for Del Taco among other tenants recently traded hands for $30 million. The buyers were Bailard Inc., based in Foster City and CT Realty of Aliso Viejo, while LaSalle Investment Management was the seller.
The asset’s name is Palm Terrace and is made up of three two-story buildings that are about 52,000 square feet each. It is 90 percent leased, and other than Del Taco, the property is home to the Orange County headquarters of Portfolioco, Anyone Home Inc. and Parsons.
CT Realty will serve as the complex’s asset manager, while JLL will retain the leasing duties at Palm Terrace. CT Realty’s Steve Provencio points out that the southern Orange County market is attractive because office vacancy rates are at 10.5 percent, dropping from 15.6 percent just two years ago.
CT Realty’s CEO Watty Watson will speak at Connect Orange County, July 22nd. Register today to hear more about investment & development in OC.