SAN FRANCISCO, CA – AUGUST 9, 2019 – Drawbridge Realty, a national real estate investment company based in San Francisco, announced today that it has purchased Pacific Center, a 390,600-square-foot, two-building corporate office campus in Santa Ana, California for $97.5M.
“We’re pleased to have acquired another attractive corporate headquarters office campus in Orange County, an area with a well-diversified, vibrant economy and high residential desirability,” says Chris Elmendorf, Vice President, Investments at Drawbridge. “Pacific Center was recently renovated in 2017 and now has strong anchor tenants in place. Combining the campus with our neighboring investment at 1700 East Saint Andrew Place, Drawbridge now owns over 37 acres of contiguous land and improvements strategically located in an opportunity zone. Pacific Center offers strong, long-term value for Drawbridge and we’re excited to add it to our growing national portfolio.”
Located at 1600-1610 East Saint Andrew Place in Santa Ana, Pacific Center is centrally located within the Greater Airport Area office submarket near John Wayne Airport. The location offers strong freeway access and a multitude of retail, office, and housing options.
The project provides well-staggered lease expirations from its four current tenants, which are leaders in their respective industries. Tenants include Nationstar Mortgage, Advantage Sales and Marketing, Collectors Universe, Inc., and Career Networks Institute, Inc. Pacific Center is Drawbridge’s fourth Orange County investment. Drawbridge will now own and manage over one million square feet in the greater Orange County market.
The seller, a joint venture of Los Angeles-based PCCP, LLC and Costa Mesa-based Brookhollow, was represented by Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky, and Brandon White of Newmark Knight Frank.
ABOUT DRAWBRIDGE REALTY:
Drawbridge is a San Francisco-based real estate investment company that targets commercial property investments in growth markets across the U.S. Its portfolio primarily consists of office properties leased long-term to large corporations, with an emphasis on strategically important locations. Drawbridge has a long history of successfully creating value for corporate clients and investors, and has completed transactions with companies including Bayer, Broadcom, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, National Instruments, and Northrop Grumman. Drawbridge’s current portfolio comprises 49 properties totaling over 5 million square feet.