October 3, 2018
Harbor Associates, LLC divested 71 at the Park, a 37,090-square-foot office building at 25371 Commercentre Dr. in Lake Forest, CA to Prosper Real Estate for $11.7 million. The sale marks a new price record for the city at $315-per-square-foot.
Harbor acquired the property in 2015 and embarked upon a comprehensive building system, exterior, and interior renovation that resulted in achieving 100% lease-up. The asset’s location off Bake Parkway provides visibility along a primary transportation corridor, with immediate access to Interstates 5 and 405 and the 241 toll road.
Harbor’s Paul Miszkowicz says, “We seized upon a supply/demand imbalance of well-appointed creative office space in the Lake Forest office market, and created a unique tenant experience by repositioning and rebranding the greater office park.”
The sale marks Harbor’s second disposition in 2018. CBRE’s Anthony Delorenzo, Doug Mack and Gary Stache represented Harbor in both Orange County office transactions. Globridge Realty’s David Lee represented the buyer.
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