IRVINE, Calif., September 10, 2019 – Cushman & Wakefield announced today the sale of TriCentre, a 211,916-square-foot (sf) landmark office tower in Orange, California.
Stanton Road Capital, a Los Angeles-based investment management firm, acquired the property from Hilrod Holdings at an undisclosed price.
Jeffrey Cole, Jeff Chiate, Rick Ellison, Ed Hernandez, and Nico Napolitano from Cushman & Wakefield’s Orange County office brokered the transaction on behalf of Hilrod Holdings with John Harty and Jason Ward from the firm serving as market advisors. Mr. Harty and Mr. Ward will also serve as leasing agents for the property.
TriCentre is located at 333 S. Anita Drive at the convergence of the I-5, SR-57, and SR-22 freeways in the heart of Orange County. The 10-story, Class A office asset was built in 1986 and features a continuous glass ribbon exterior, a lobby with Italian marble, Herculite glass, and polished granite flooring, a five-story parking structure, and national tenants including Farmers Insurance and the Department of Consumer Affairs. The property is also minutes from the Outlets at Orange with numerous retail and dining amenities.
Over the past 10 years, ownership has completed numerous upgrades and replacements to common areas, mechanical systems, and the parking structure worth approximately $1 million. The property is currently 80% leased.
“TriCentre offered a unique opportunity to acquire one of the most recognizable and well-known office assets in Orange County with stable in-place cash flow at a significant discount to replacement cost,” said Mr. Cole, Vice Chairman. “The new ownership will benefit by implementing a modernization plan that will significantly boost achievable rental rates in a submarket where rates have increased over 22% over the past 24 months.”
The sale of TriCentre marks the second largest Class A office building sold in Orange County this year, 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.