{"id":1004566638,"date":"2022-02-08T04:54:37","date_gmt":"2022-02-08T12:54:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566638"},"modified":"2022-12-08T15:33:18","modified_gmt":"2022-12-08T23:33:18","slug":"prologis-buys-socal-office-campus-for-96m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/","title":{"rendered":"Prologis Buys SoCal Office Campus for $96M"},"content":{"rendered":"
\"Pacific<\/a>

Pacific Vista. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Prologis Inc<\/strong>., a name associated for decades with logistics real estate, has acquired Pacific Vista, a five-building, 322,262-square-foot, Class A office campus in Lake Forest, Calif., for $96 million. Cushman & Wakefield<\/strong> represented both parties in the off-market transaction.<\/p>\n

The acquisition was described as a \u201clong-term strategic play\u201d; <\/em>Prologis reportedly plans to continue operating the property as an office project.<\/p>\n

The seller was not disclosed, but information provided to Commercial Property Executive <\/em>by CommercialEdge indicates that the previous owner was Drawbridge Realty Trust.<\/p>\n

\n

READ ALSO<\/strong>: What to Expect From the Industrial Sector in 2022<\/a><\/p>\n

\n

The property\u2019s five two-story office buildings cover 24 acres and are leased to seven long-term tenants. Completed in 2000, the buildings and are at 25500, 25510, 25520, 25530 and 25550 Commercentre Drive.<\/p>\n

Cushman & Wakefield Executive Managing Director Jason Ward represented the buyer, and Cushman & Wakefield\u2019s John Harty, with assistance from Jeffrey Cole, Nico Napolitano and Ed Hernandez, represented the seller.<\/p>\n

\u201cWith its central location, Pacific Vista is a great addition to Prologis\u2019 portfolio,\u201d Ward said in a prepared statement.<\/p>\n

Pacific Vista is situated in southern Orange County, convenient to major freeways including I-5, I405 and State Route 241.<\/p>\n

Office into distribution<\/h2>\n

Interestingly, developers have been buying up underutilized office space in Orange County with the intent to redevelop it for distribution\/logistics purposes, according to a fourth-quarter report from Kidder Mathews<\/strong>. In the quarter\u2019s largest deal, Amazon<\/strong> purchased 275 Valencia in Brea, Calif., for $165 million with that plan in mind. Further, Rexford Industrial<\/strong> bought two office campuses for a total of $175 million for the same purpose.<\/p>\n

Orange County\u2019s office market saw some signs of recovery in late 2021, with more than 2.1 million square feet of leasing activity in the fourth quarter, Kidder Mathews reported.<\/p>\n

Class A space in the South Orange County submarket has a 16.5 percent total availability, on an inventory of 10.6 million square feet. Direct net absorption in 2021 was a negative 226,000 square feet, also according to Kidder Mathews.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield brokered the sale of the Orange County property. <\/p>\n","protected":false},"author":882,"featured_media":1004566643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1594,21742,21747,34267],"tags":[37482,32799,37444,33612,32956,35630],"class_list":["post-1004566638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-los-angeles","category-latest","category-office","category-orange-county","tag-amazon","tag-cushman-wakefield","tag-drawbridge-realty","tag-kidder-mathews","tag-prologis","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nPrologis Buys SoCal Office Campus for $96M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Prologis Inc. has acquired Pacific Vista, a five-building, Class A office campus in Lake Forest, Calif., for $96 million.\" \/>\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\/prologis-buys-socal-office-campus-for-96m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis Buys SoCal Office Campus for $96M\" \/>\n<meta property=\"og:description\" content=\"Prologis Inc. has acquired Pacific Vista, a five-building, Class A office campus in Lake Forest, Calif., for $96 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/\" \/>\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=\"2022-02-08T12:54:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:33:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/Pacific-Vista-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"616\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\/prologis-buys-socal-office-campus-for-96m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/\",\"name\":\"Prologis Buys SoCal Office Campus for $96M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/Pacific-Vista-featured.jpg\",\"datePublished\":\"2022-02-08T12:54:37+00:00\",\"dateModified\":\"2022-12-08T23:33:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Prologis Inc. has acquired Pacific Vista, a five-building, Class A office campus in Lake Forest, Calif., for $96 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-buys-socal-office-campus-for-96m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/Pacific-Vista-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/Pacific-Vista-featured.jpg\",\"width\":790,\"height\":616,\"caption\":\"Pacific Vista. 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