Four-Building Office Park for Sale in Orange County

Monday, September 25, 2017

Holliday Fenoglio Fowler, L.P., (HFF), on behalf of the owner, is presenting the opportunity for qualified investors to acquire Harbor Corporate Park, a four-building, institutionally owned and maintained office campus totaling 150,189 square feet in Santa Ana, California. The office property for sale is located in the evolving SOCO micro-market and benefits from access to more than 5.5 million square feet of retail and service amenities, close proximity to John Wayne International Airport and exceptional regional access to three of Southern California’s most important arterials, the San Diego (Interstate 405), Newport Beach (State Road 55) and Santa Ana (Interstate 5) Freeways.

Harbor Corporate Park is currently 84 percent leased to a diverse tenant rent roll made up of credit and noncredit tenants from various industries, including financial, insurance, government and professional service firms. The office buildings for sale provide stable in-place cash flow highlighted by a strong rent roll with a weighted average lease term remaining of 2.9 years. The two-story buildings benefit from substantial recent capital investments, including renovated lobbies and move-in ready spec suites minimizing future capital. Situated on 8.93 acres in the most pro-development city within Orange County, the Harbor Corporate Park’s design and layout provides opportunity to further implement a repositioning strategy to create a progressive “high utility” office campus environment, thereby capturing higher potential rents and creating additional value.


Located at 3601, 2611, 3621 and 3631 South Harbor Boulevard in the heart of Orange County, Harbor Corporate Park straddles the border of Costa Mesa to the east and Santa Ana to the west. The central location provides the ease of access to key freeways, providing tenants with the coveted ability to attract talent throughout Southern California. The buildings have convenient freeway access to the San Diego Freeway, which is half a mile south of the property; the Newport Beach Freeway, which is four miles east; and State Route 73, which is two miles southeast. Harbor Corporate Park is central to the four regions of Orange County, Los Angeles County, Riverside County and San Bernardino County, which provide immediate accessibility to all major employment pools in Southern California

The office campus for sale is situated on 8.93 acres within the SOCO micro-market. SOCO’s emerging growth presents an exceptional opportunity to capitalize on the growing tenant demands for a “high utility” work environment and experiential retail amenities. With more than 5,000 residential units under construction and 7.9 million square feet of existing retail within a five-mile radius, Harbor Corporate Park is poised to experience significant increases in demand as the micro-market continues to develop and grow. Notable nearby attractions include SOCO Collection, which comprises 70 unique restaurants, showrooms, stores, events and the SOCO Farmer’s Market; South Coast Plaza, which features more than 250 upscale, luxury retailers and restaurants; the Los Angeles Chargers Headquarters (the Hive); and the 25-acre The Press mixed-use renovation of former Los Angeles Times printing facility.

Office Park for Sale Investment Highlights

  • Strong In-Place Cash Flow with Future Potential Upside:  The Orange County office property for sale is 84 percent leased to a strong mix of diverse corporate users highlighted by Kaiser, Optima Tax Relief and Farmers Insurance, which provide investors with a stable near-term cash flow. Furthermore, with in-place rents currently 11.6 percent below market and strong continued market fundamentals for the SOCO market, the opportunity provides investors with the ability to drive additional income growth as 59 percent of the NRA expires over the next three years.
  • Institutional-Quality Office Campus with Future Enhancement Opportunities:  Harbor Corporate Park is regarded as a high-quality office property in the emerging SOCO micro-market area. The institutionally maintained, four building campus provides highly efficient floor plates offering maximum flexibility to corporate users from 1,000 to 45,000 square feet. In addition, new ownership can benefit from solidifying the campus experience through a strategic enhancement of the collaborative office atmosphere.
  • Strong Job Growth and Increasing Economic Diversity:  With an unemployment rate of only 3.3 percent, Orange County’s labor market is burgeoning and is outperforming both the state (4.8 percent) and nation (4.3 percent). Orange County job growth has reached its highest level since 2000, with health- and tech-related services acting as the largest driver of job creation. The significant growth of this highly educated, diversified employment pool will further increase demand for Orange County office space and support continued increases in market rents.
  • Surging SOCO Micro-Market:  The SOCO micro-market has reached new heights with current occupancy at 93.6 percent. Market rents are experiencing exceptional growth with a nearly 13 percent increase in office asking rents year-over-year. The SOCO micro-market has seen a significant increase in demand as vacancy levels have dropped nearly 60 percent since 2010, while at the same time achieving rental increases more than 40 percent. With the lack of available office space, coupled with no new office supply projected to deliver in the next 18 months, the SOCO micro-market office rents are expected to continue to increase.         

For more information on Harbor Corporate Park or other commercial properties for sale in Orange County, please contact Ryan Gallagher or Derreck Barker in HFF’s Orange County office. For information on financing this acquisition, please contact Kevin MacKenzie or Brian Torp. Click here for our real estate investment sales search page.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker Licensed with the California Department of Real Estate, License Number 01385740.

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