“Over the past few months, rents and absorption in South Orange County have been increasing while tenant concessions and vacancies have been decreasing – especially in the airport and Irvine Spectrum submarkets which created additional opportunities in Lake Forest in southeast Orange County,” Provencio said. “Because of our local presence and knowledge of the marketplace, we were able to quickly identify and aggressively pursue the high-quality Palm Terrace asset.”

Bob Prendergast and partner Baker Morphy with JLL's San Diego and Irvine, Calif., respective offices represented LaSalle Investment Management in the transaction. CT Realty represented the purchaser.

Located on a 9.4-acre site, Palm Terrace offers exceptional freeway access to Interstate 5 and the 241 Toll Road. The property features a campus environment with outdoor eating area and courtyard as well as close proximity to a variety of retail amenities, including a variety of food options and 24-Hour Fitness. Interior finishes and common areas for the buildings have marble flooring, granite countertops and stainless steel staircase railings, while tenant suites offer over-sized windows and high ceilings to allow for ample natural light. The buildings also meet all new ADA requirements.

Amenities at Palm Terrace include onsite property management, space planning services for tenants, roaming security guards for after hours, and flexible cabling, telecommunication and fiber options. Floorplans can be demised to meet the needs of a variety of tenants. The property also features multiple entrance points with abundant surface parking surrounding the buildings.