Westbrook Sells Orange County Office Asset

A tenancy-in-common between Baco Realty Corp. and Bowis Investment Realty Corp. has acquired Stadium Centre, a 123,577-square-foot office building in Anaheim, Calif., for $19.7 million. Newmark brokered the Orange County deal.

Westbrook Partners previously owned the asset, according to Yardi Research Data. The firm acquired it in 2018 from Greenlaw Partners for $28.8 million, 32 percent above the recent sale price.

Located at 2099 S. State College Blvd., the six-story building is close to Interstate 5 and less than 29 miles from downtown Los Angeles. The low-rise is part of Anaheim’s 820-acre Platinum Triangle, an urban hub under renovations that consists of residential, retail and entertainment developments, including Angel Stadium.

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Built in 1985, Stadium Center has floorplates averaging 21,000 square feet and three passenger elevators, as well as more than 487 parking spaces. Tenants at the 5-acre property include Rexel USA, Anaheim Visitors Bureau, State of California and Jensen Hughes.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Paul Jones and Ken White and Senior Managing Director Brandon White represented the seller.

Orange County office sales remain steady, prices drop

Orange County’s office investment volume year-to-date as of June clocked in at $483 million from 17 transactions, according to a Cushman & Wakefield report. The average price per square foot in the second quarter was $165, down 39 percent quarter-over-quarter.

Earlier this year, Pacific Tree Capital acquired 2525 Main, a 143,269-square-foot office building in Irvine, Calif. J+R Group sold the asset for $37.6 million in a deal brokered by Cushman & Wakefield.

Other notable deals include Pacshore Partners’ sale of SoCo Harbor, a 151,739-square-foot office campus in Santa Ana, Calif. Cristo Rey Orange County High School acquired the four-building property for about $137 per square foot.