Trophy Low-Rise Office Campus for Sale in Orange County

Thursday, May 16, 2019

HFF, on behalf of the owner, is marketing a premier, two-building Class A office campus for sale totaling 212,246 square feet and located at 27422 and 27442 Portola Parkway, which is incorporated in Foothill Ranch in the Southern California community of Lake Forest. Developed in 2001, and renovated in 2014, Foothill Plaza is in a highly desired master-planned community within the thriving South Orange County Office submarket. Each building’s contemporary design features a pristine lobby and access to the recently renovated central courtyard, and the outdoor space features creative outdoor workspaces set within an exquisitely landscaped campus-like setting. The property is 87% (as of 6/1/2019) leased to a strong mix of corporate users from a wide range of industries.

Office Campus for Sale Investment Highlights

  • Trophy Investment:  An eight-time ENERGY STAR® Award Winner, Foothill Plaza is considered Foothill Ranch and Lake Forest’s best-in-class building. In addition to the landscaped campus-like setting, the low-rise office campus has creative outdoor common areas in an on-site/walkable, amenity rich environment. The property is home to a well-diversified rent roll of growing industries and expanding tenants. Additionally, there is a significant discount to replacement cost, which is projected at ±$446 per square foot.
  • Impeccable Stewardship with History of Institutional Ownership:  Foothill Plaza has been impeccably maintained by current ownership, including an infusion of more than $4 million of recent capital improvements. The state-of-the-art modernization program ensures strong cash on cash returns for a future investor.
  • Top-Tier Location:  Located in the rapidly densifying South Orange County market with freeway visibility and landmark identity, Foothill Plaza has immediate 241 Freeway access via northbound and southbound entrances/exits with two convenient entry points to Interstate 5/405 via El Toro Road and Bake Parkway. The property is proximate to world-class shopping at Irvine Spectrum, which attracts more visitors per year than Disneyland. It is in a premier submarket characterized by its unparalleled live-work-play capability, driving tech-tenant demand and office rent growth. Since 2012, there have been more than 4,200 homes built in the immediate vicinity, providing a plethora of both affordable and high-end residential housing. Adjacent to Serrano Creek Trailhead, Wilderness Park and Lake Forest Sports Park, the office campus for sale also has on-site retail/hospitality amenities, including Starbucks, Orangetheory Fitness, Wahoo’s Fish Tacos, UPS and a recently renovated Courtyard by Marriott.
  • Thriving South Orange County Office Market: South Orange County has witnessed nearly 1.5 million square feet of positive net absorption over the trailing three years, successfully absorbing nearly 2.5 million square feet of new product (more than nine million square feet of gross absorption), while averaging 4.8% in annual rent growth during this time. In addition, the Foothill Ranch and Lake Forest submarket is outperforming all competitive submarkets with a vacancy rate of 6.9%.

For more information on this commercial real estate listing, please contact Michael Leggett or Mark DeGiorgio.  To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

By Topics