Bailard and CT Realty Acquire Office Trio

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.