LAKE FOREST, CA—Investment advisor Bailard Inc., in conjunction with CT Realty has acquired the three-building, class A Palm Terrace office complex here for $30 million from LaSalle Investment Management.
The project is located at 25521, 25531 and 25541 Commercentre Dr. within the South Orange County submarket. At 10.5% vacancy, South County has the lowest vacancy of any submarket in Orange County, according to Steve Provencio of CT Realty. Provencio said the tight submarket is the result of recent leasing velocity, citing a vacancy rate of 15.6% for the submarket just two years ago.
The 155,795-square-foot Palm Terrace is home to the corporate offices for Del Taco and serves as the Orange County headquarters for Portfolioco, Anyone Home Inc. and Parsons. The three two-story buildings offer approximately 52,000 square feet each and are 90% leased. The building at 25521 Commercentre Dr. is fully leased with the remaining two buildings offering space ranging from 2,348 square feet to 20,913 square feet.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
