IRVINE, CA, JANUARY 14, 2020 – Cushman & Wakefield announced today the sale of Scenic Business Park, a 51,176-square-foot (sf) office building in Costa Mesa, California.
Financial Partners Credit Union acquired the property from EQ Office and The Blackstone Group for $13,375,000 ($261.35 per sf). Cushman & Wakefield’s Jeffrey Cole, Ed Hernandez, Nico Napolitano, John Gallivan, and Brian Booth represented the seller in the sale.
Located at 1665 Scenic Ave. near the I-405 and 55 Freeways, the two-story office is part of a three-building campus in Costa Mesa’s trendy South Coast “SoCo” neighborhood. Scenic Business Park provides lush landscaping, extensive glass line, open tenant spaces, a roll-up door, and atrium lobbies on a 2.7-acre site. The property was 38% leased at the time of sale with Vans, the skateboarding shoes and apparel manufacturer Vans, as a tenant.
SoCo’s emerging growth has included new creative urban and experiential retail amenities that are influencing the surrounding office and residential areas. Scenic Business Park benefits from the SoCo Collection, Vans World HQ, Los Angeles Chargers HQ (Hive), The Press, and more.
“Lack of available land for new development and limited inventory of quality office buildings for sale, as well as restrictive city ordinances for new construction in Costa Mesa, can create challenging barriers to entry in this micro market and protects new ownership against supply risk. Scenic Business Park presented the exceptional opportunity to acquire this institutional-quality asset in a highly accessible, preferred location for millennial-focused companies and their workforce with walkability and access to some of Orange County’s best dining and retail experiences,” said Jeffrey Cole, Vice Chairman, based in Cushman & Wakefield’s Irvine office.
Scenic Business Park is part of the 38.4 million sf Greater Airport Area office submarket, which continues to experience extraordinary net absorption with 398,932 square feet absorbed year to date as of third quarter 2019, according to Cushman & Wakefield research.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Annie J. Canada
Cushman & Wakefield
+1 213 330 0911