'Smart Urban Planning' Distinguishes This Deal

AECOM, the existing office tenant, will benefit from various improvements Westcore is making to the lobby and common areas this year, as well as the new parking garage.

ORANGE, CA—Westcore Properties executes a multi-faceted value-add strategy at 999 W. Town and Country Rd. here that involves entitling and selling a parking lot for apartment development, renewing an office lease and building a dedicated parking structure for the office building. The company purchased the office property from Kilroy Realty in late 2014 for $25.3 million.

Westcore entitled and sold the property’s western parking lot, a 2.183-acre portion of the site, to residential developers Toll Brothers for an undisclosed sum in December 2017. Toll Brothers Apartment Living plans to build 262 rental apartments on the site. Greg Sullivan of CBRE represented Toll Brothers in the purchase, while Westcore represented itself.