Drawbridge Realty Picks Up Opportunity Zone Asset for $98M

Pacific Center. Image courtesy of Newmark Knight Frank

San Francisco-based Drawbridge Realty has acquired a 390,600-square-foot office campus in an Opportunity Zone in Orange County, Calif. A joint venture of PCCP LLC and Brookhollow sold the asset for $97.5 million.

Pacific Center is a two-building office property located at 1600 and 1610 E. Saint Andrew Place in Santa Ana. Situated on 24 acres within Orange County’s Greater Airport Area office submarket, the campus is 85 percent occupied. The office property is located within close proximity to interstates 5 and 405, as well as John Wayne Airport, situated about 5 miles away. Tenant amenities at the property include nearly 2,100 parking spaces, outdoor collaborative areas, high ceilings, large floor plates and significant window lines. Both two-story buildings were completed in 1992 and underwent an extensive $3.5 million renovation in 2017

Drawbridge also owns an office property adjacent to Pacific Center, bringing its total ownership to more than 34 contiguous acres in an Opportunity Zone. An NKF team of Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White represented the seller in the deal, while Drawbridge Realty was self-represented.

Orange County’s office market has been growing steadily over the last few years. According to a recent Yardi Matrix report, coworking firms have leased more than 1 million square feet in the metro as of November 2018. Last month, developer Primior broke ground on First Harbor Plaza, a two-building commercial development in an Opportunity Zone in Santa Ana, followed by LaSalle Investments Management picking up a 216,864-square-foot office building nearby for $55.4 million from Tireco. That property is located within the Hutton Centre mixed-use campus.