{"id":1004556901,"date":"2021-11-05T04:27:44","date_gmt":"2021-11-05T12:27:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004556901"},"modified":"2022-12-09T02:12:33","modified_gmt":"2022-12-09T10:12:33","slug":"pgim-real-estate-sells-office-asset-for-64m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/","title":{"rendered":"PGIM Real Estate Sells Office Asset for $64M"},"content":{"rendered":"
\"\"<\/a>

1301 Dove. Image courtesy of Newmark<\/p><\/div>\n

A partnership between Ocean West Capital Partners and Rockwood Capital paid $64 million for 1301 Dove, a Class A office building totaling 214,858 square feet in Newport Beach, Calif. The seller of the value-add property was PGIM Real Estate, according to CommercialEdge. At the time of the sale, the office mid-rise was 49 percent leased.<\/p>\n

Newmark represented the seller in the off-market transaction and secured acquisition financing for the new owners. Western Alliance Bank provided the loan, Orange County records show.<\/p>\n

In August 2015, PGIM Real Estate paid $72.3 million for 1301 Dove and funded the acquisition with a $36.5 million mortgage originated by JPMorgan Chase, public records show.<\/p>\n

In 2018, 1301 Dove underwent renovations implemented through a $11.5 million capital improvement plan, which included various upgrades and the addition of a new conference center and EV charging stations. The new owners are planning further renovations, including the addition of a fitness center.<\/p>\n

The disposition comes on the heels of another Newmark-brokered office deal in Orange County. The $50 million sale<\/a> of the 210,083-square-foot property closed in early November.<\/p>\n

The single-building property, on 6.4 acres at 1301 Dove St., includes 20,128-square-foot floorplates and is both LEED Gold and Energy Star certified. The 10-story office building completed in 1980 features an onsite caf\u00e9 and several restaurants, private terraces and tenant lounges. The tenant list includes the Law Offices of Robert W. Eisfelder, AFS\/IBEX and BirchStreet Systems according to CommercialEdge.<\/p>\n

1301 Dove is less than a mile from California State Route 73 and within 2 miles of California State Route 55 and John Wayne Airport. Downtown Newport Beach is 7 miles southwest.<\/p>\n

Office market overview<\/h2>\n

Orange County’s office vacancy rate in the third quarter, at 16.1 percent, is the greatest value seen since late 2012 and also represents a 13 percent increase year-over-year, according to a recent report from Newmark. The latter mirrors a nationwide trend due to an active pipeline<\/a>.<\/p>\n

As vacancy climbs, so too has subletting availability, reaching 3.8 million square feet in the third quarter. However, given expected shifts back to the office next year, vacancy growth and subleasing availability will likely begin to moderate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Newmark facilitated the Orange County deal, securing financing for the buyers.<\/p>\n","protected":false},"author":1763,"featured_media":1004556905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[50999,36773,34714,47213,44396],"class_list":["post-1004556901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-newmark","tag-ocean-west-capital-partners","tag-pgim-real-estate","tag-rockwood-capital-corp","tag-western-alliance-bank"],"acf":[],"yoast_head":"\nPGIM Real Estate Sells Office Asset for $64M - 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\/pgim-real-estate-sells-office-asset-for-64m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PGIM Real Estate Sells Office Asset for $64M\" \/>\n<meta property=\"og:description\" content=\"Newmark facilitated the Orange County deal, securing financing for the buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/\" \/>\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=\"2021-11-05T12:27:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:12:33+00:00\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\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\/2021\/11\/1301_Dove_PM_CoverClosingEblast-e1636110717646.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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/\",\"name\":\"PGIM Real Estate Sells Office Asset for $64M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1301_Dove_PM_CoverClosingEblast-e1636110717646.jpg\",\"datePublished\":\"2021-11-05T12:27:44+00:00\",\"dateModified\":\"2022-12-09T10:12:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-sells-office-asset-for-64m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1301_Dove_PM_CoverClosingEblast-e1636110717646.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1301_Dove_PM_CoverClosingEblast-e1636110717646.jpg\",\"width\":1526,\"height\":1146,\"caption\":\"1301 Dove. 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