January 23, 2017
Private investor Pinnacle Asset Management Group, LLC acquired Towne Center Plaza, a 203,749-square-foot office building in Foothill Ranch, CA from Equity Office/Blackstone for $40 million. The 100%-leased asset is located on 11.14 acres at 26632, 26642 and 26672 Towne Centre Dr.
Built in 2000, the three-story, three-building office campus is leased to such tenants as Loandepot, Pepsi Co. and Arrow Electronics, providing stable cash flow. Roughly 26% of lease expirations are slated to occur by 2019, which provides an opportunity for Pinnacle to bring rents up to current market rates.
Lee & Associates’ Ryan Swanson and Kurt Bruggeman represented Pinnacle. HFF’s Ryan Gallagher, Tim Geiman and Derreck Barker represented Equity Office/Blackstone.
For comments, questions or concerns, please contact Dennis Kaiser