{"id":1004267876,"date":"2018-09-27T02:17:58","date_gmt":"2018-09-27T10:17:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004267876"},"modified":"2022-12-08T14:49:45","modified_gmt":"2022-12-08T22:49:45","slug":"pccp-funds-128m-for-oc-office-portfolio-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/","title":{"rendered":"PCCP Funds $128M for OC Office Portfolio Purchase"},"content":{"rendered":"<p>By Scott Baltic&nbsp;<\/p>\n<div id=\"attachment_1004267882\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004267882\" data-attachment-id=\"1004267882\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/pccp\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"pccp\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png?w=800\" loading=\"lazy\" class=\"wp-image-1004267882 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\" alt=\"Redstone Plaza\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004267882\" class=\"wp-caption-text\">Redstone Plaza<\/p><\/div>\n<p>PCCP has provided a $128 million senior loan to a joint venture of Angelo Gordon and Lincoln Property Co. for the acquisition of four office properties totaling 540,000 square feet in eight Orange County, Calif., buildings. The portfolio includes:<\/p>\n<ul>\n<li>the two-building Redstone Plaza\u2014181,000 square feet<\/li>\n<li>1201 Dove St.\u201483,000 square feet<\/li>\n<li>the three-building Inwood Park\u2014163,000 square feet<\/li>\n<li>the two-building Newport Summit\u2014112,000 square feet<\/li>\n<\/ul>\n<p>The first two assets are in Newport Beach and the others are in Irvine. Finance, marketing, tech, food and beverage, legal, health-care and real estate industries tenants occupy the portfolio in Orange County\u2019s John Wayne Airport submarket. The partnership plans to carry out a capital improvement plan to take advantage of the strong leasing and rent growth in the submarket and lease up any remaining vacancy.<\/p>\n<p>Equity Office Management LLC was the seller that received $160 million for all buildings, according to a story about the sale earlier this month in the <em>Orange County Business Journal<\/em>, which also reported that overall, the portfolio is about 82 percent occupied. The publication pegged the deal as the biggest office transaction in Orange County so far this year.<\/p>\n<p>Jonathan Firestone, J.P. LeVeque and Greg Stampley of Eastdil Secured arranged the financing. PCCP was unable to provide additional information, Angelo Gordon declined to comment on the transaction and Lincoln Property Co. did not respond to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n<p>In August, Lincoln Property Co. and an undisclosed joint venture partner <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-buys-oc-office-asset\/\">bought 1500 Quail in Newport Beach<\/a> for $32.1 million from New York Life. The seven-story building totals 95,435 square feet.<\/p>\n<h2>A strong, active market<\/h2>\n<p>The Orange County office market is characterized by low unemployment and stable net absorption, though the office space pipeline is more than ample\u2014especially in Irvine. Average overall vacancy rose to 13.9 percent, according to a Marcus &amp; Millichap second-quarter report.<\/p>\n<p>Transactions are down somewhat, but the report notes: \u201c<em>Precipitous NOI growth is boosting returns substantially, which will likely prompt higher asking prices per square foot over the coming years<\/em>.\u201d<\/p>\n<p><em>Image via Google Street View <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The senior loan went to a joint venture of Angelo Gordon and Lincoln Property Co. for their recent acquisition of four properties totaling 540,000 square feet in Newport Beach and Irvine, Calif.<\/p>\n","protected":false},"author":882,"featured_media":1004267882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,21747,34267,15],"tags":[36132,33101,32838,34836,33053],"class_list":["post-1004267876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-office","category-orange-county","category-west","tag-angelo-gordon-and-company","tag-eastdil-secured","tag-lincoln-property-company","tag-marcus-millichap","tag-pccp-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PCCP Funds $128M for OC Office Portfolio Purchase - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PCCP Funds $128M for OC Office Portfolio Purchase\" \/>\n<meta property=\"og:description\" content=\"The senior loan went to a joint venture of Angelo Gordon and Lincoln Property Co. for their recent acquisition of four properties totaling 540,000 square feet in Newport Beach and Irvine, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-27T10:17:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:49:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/\",\"name\":\"PCCP Funds $128M for OC Office Portfolio Purchase - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\",\"datePublished\":\"2018-09-27T10:17:58+00:00\",\"dateModified\":\"2022-12-08T22:49:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PCCP Funds $128M for OC Office Portfolio Purchase\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PCCP Funds $128M for OC Office Portfolio Purchase - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/","og_locale":"en_US","og_type":"article","og_title":"PCCP Funds $128M for OC Office Portfolio Purchase","og_description":"The senior loan went to a joint venture of Angelo Gordon and Lincoln Property Co. for their recent acquisition of four properties totaling 540,000 square feet in Newport Beach and Irvine, Calif.","og_url":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-09-27T10:17:58+00:00","article_modified_time":"2022-12-08T22:49:45+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png","type":"image\/png"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/","url":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/","name":"PCCP Funds $128M for OC Office Portfolio Purchase - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png","datePublished":"2018-09-27T10:17:58+00:00","dateModified":"2022-12-08T22:49:45+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png","width":800,"height":620},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/pccp-funds-128m-for-oc-office-portfolio-purchase\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"PCCP Funds $128M for OC Office Portfolio Purchase"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/pccp.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004267876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004267876"}],"version-history":[{"count":7,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004267876\/revisions"}],"predecessor-version":[{"id":1004612846,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004267876\/revisions\/1004612846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004267882"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004267876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004267876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004267876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}