{"id":1004351633,"date":"2019-09-11T23:20:14","date_gmt":"2019-09-12T07:20:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004351633"},"modified":"2019-09-11T23:31:34","modified_gmt":"2019-09-12T07:31:34","slug":"stanton-road-capital-to-revamp-newly-acquired-orange-county-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\/","title":{"rendered":"Stanton Road Capital to Revamp Newly Acquired Orange County Asset"},"content":{"rendered":"
\"\"<\/a>

TriCentre. Image courtesy of Stanton Road Capital<\/em><\/p><\/div>\n

Stanton Road Capital has expanded its Southern California holdings with the acquisition of TriCentre, a 10-story, Class A office tower in Orange County. SRC purchased the 211,916-square-foot property for $44.3 million, or $209 per square foot, from PRES Cos., according to Yardi Matrix data.<\/p>\n

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READ ALSO:<\/strong> Vintage New Jersey Mall Eyed for 21st-Century Makeover<\/a><\/p>\n

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The buyer received an acquisition and development loan of nearly $46 million from Global Atlantic Financial Group. Cushman & Wakefield will handle leasing and property management services.<\/p>\n

The property is located at 333 S. Anita Drive at the so-called Platinum Triangle, where Interstate 5, State Route 57 and State Route 22 converge. SRC is planning significant renovations to attract additional high-value tenants. Planned improvements include a fully overhauled lobby and courtyard and numerous base building upgrades.<\/p>\n

Previous cosmetic renovations were made in 2013 and 2017, also per Yardi Matrix information. Occupancy is currently at 78 percent and tenants include Farmers Insurance, Children\u2019s Home Society of California, MegaMex Foods Inc. and Lockheed Martin. PRES Cos. had owned the asset since September 2015, when it acquired the property from TA Realty for $41.5 million, or $196 million per square foot. Completed in 1986, previous owners included Transwestern and The MONY Group.<\/p>\n

Growing SRC<\/h2>\n
\"\"<\/a>

Aerial view of TriCentre. Image courtesy of Stanton Road Capital<\/em><\/p><\/div>\n

The firm operates a portfolio of more than 5.8 million square feet in Chicago, Texas, Southern California and several major Midwest markets. In November, SRC acquired The Offices @ Village Business Park<\/a> in Buena Park, Calif., from Westcore Properties. The 10.5-acre, two-building property located at 7000 and 7001 Village Drive totals 141,387 square feet.<\/p>\n

SRC made its first downtown Chicago office acquisition<\/a> in July. The firm partnered with Third Lake Partners, a Tampa, Fla.-based family investment firm, to purchase 200 S. Michigan Ave. from the Shidler Group. Crain\u2019s Chicago Business<\/em> reported SRC was expected to pay about $34 million for the leasehold interest in the 371,566-square-foot building, with the Shidler Group retaining ownership of the land.<\/p>\n

The company has acquired more than 2 million square feet of office space in the Chicagoland area, including ArborLake Centre in Deerfield and Woodland Corporate Center in Downers Grove. Also in the Midwest, SRC purchased 2323 Grand<\/a>, a 320,976-square-foot office building in Kansas City\u2019s Crown Center from Assurant in January 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new owner paid $209 per square foot for TriCentre, with Global Atlantic Financial Group providing the acquisition and development financing.<\/p>\n","protected":false},"author":1068,"featured_media":1004351636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,34267,15],"tags":[36351,32799,35510,35999,36172],"class_list":["post-1004351633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-orange-county","category-west","tag-capital-improvement","tag-cushman-wakefield","tag-global-atlantic-financial-group","tag-pres-companies","tag-stanton-road-capital"],"acf":[],"yoast_head":"\nStanton Road Capital to Revamp Newly Acquired Orange County Asset - 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\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanton Road Capital to Revamp Newly Acquired Orange County Asset\" \/>\n<meta property=\"og:description\" content=\"The new owner paid $209 per square foot for TriCentre, with Global Atlantic Financial Group providing the acquisition and development financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\/\" \/>\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=\"2019-09-12T07:20:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-12T07:31:34+00:00\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/TriCentre.jpg\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"Stanton Road Capital to Revamp Newly Acquired Orange County Asset\",\"datePublished\":\"2019-09-12T07:20:14+00:00\",\"dateModified\":\"2019-09-12T07:31:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\\\/\"},\"wordCount\":397,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/09\\\/TriCentre.jpg\",\"keywords\":[\"Capital improvement\",\"Cushman & Wakefield\",\"Global Atlantic Financial Group\",\"PRES Companies\",\"Stanton Road Capital\"],\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"News\",\"Office\",\"Orange County\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stanton-road-capital-to-revamp-newly-acquired-orange-county-asset\\\/\",\"name\":\"Stanton Road Capital to Revamp Newly Acquired Orange County Asset - 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