Westcore Properties Executes Value-Add Strategy at Southern California Property
Orange, CA (January 10, 2018) –After purchasing the office property at 999 West Town and Country Road in Orange, California from Los Angeles-based Kilroy Realty in late 2014 for $25.3 million, Westcore Properties has entitled and sold the property’s western parking lot for apartment development, renewed the existing office tenant for a 10-year lease and is building a dedicated parking structure for the office building.
After securing entitlements necessary for apartment development, Westcore sold a 3.183-acre portion of the site to well-known residential developers Toll Brothers for an undisclosed sum in late December 2017. Toll Brothers Apartment Living plans to build 262 rental apartments. Greg Sullivan of CBRE represented Toll Brothers in the purchase, while Westcore represented itself.
Simultaneously, Westcore closed a 73,171-square-foot, 10-year lease renewal with the existing office building tenant, AECOM, a multinational engineering firm that provides design, consulting, construction and management services. The consideration amount was not disclosed, and Westcore represented itself in the lease transaction.
Westcore will make various improvements to the office building lobby and other common areas this year, while also developing a five-story, 352-space, on-site parking garage for the office building. Westcore expects to complete the parking structure in October of this year.
“This property allowed our team to do what we do best,” said Nick Markos, vice president of asset management at Westcore Properties. “Especially in high population areas like Southern California, finding the highest and best use for a property doesn’t just make financial sense, it’s also smart urban planning. Our strategy maintains important office space, adds critically-needed housing options and accommodates vehicles in a much more efficient manner. I’m proud of everyone who worked to make this happen.”
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 45 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.