Shea Properties Sells Building at Town Center Corporate Park
Continues its program of selling strategic assets in pursuit of balanced portfolio.
- Orange County, CA (1888PressRelease) February 12, 2014 - Shea Properties announced today the sale of one of the three remaining buildings at Town Center Corporate Park in Aliso Viejo. The 53,115 square-foot office building, located on the corner of Aliso Viejo Parkway and Pacific Park Drive, was sold to Intercap Lending and its affiliates.
"We chose the Aliso Viejo location for many reasons," said Ron Harsini, Chairman of Intercap, "but mainly because of the easy access to the toll roads for our employees and the wide range of amenities, including food and entertainment options located in Aliso Viejo. We are glad to be a part of this community."
"Shea Properties sees the sale of Town Center Corporate Park as part of a selective and disciplined sales program within its portfolio," said Brian Meihaus, Regional Vice President of Shea Properties. "The goal of this program is to create a balanced portfolio of office, industrial, retail and multi-family assets."
Town Center Corporate Park was originally built by Shea Properties in 2000 as a five-building flex-office campus. One building was sold early on, and in February of last year, Q-Logic purchased the 33,915 square-foot 26840 building. After the recent sale to Intercap, only two buildings remain for sale, 26940 (33,914 SF) and 26970 (38,716 SF). Both provide large, efficient floor plates that lay out well for smaller, multi-tenant users or larger single-occupancy users.
Newmark Grubb Knight Frank brokers Doug Mathews and Gary Allen, along with PM Realty Group's Tim Joyce, arranged the transaction on behalf of Shea Properties. The sale price was not disclosed.
"Gary Allen, Doug Mathews and Tim Joyce were instrumental in completing the sale here at Town Center Corporate Park," said Meihaus. "We have been working with this team for over 10 years, and it has been a very successful partnership."
Town Center Corporate Park is served by the Aliso Viejo Town Center offering a wide variety of shops and restaurants including Opah's, Chili's, Macaroni Grill, Wahoo's, Staples, Barnes & Noble and more. In addition, a brand new Marriott Renaissance ClubSport hotel and fitness facility sits just up the street, and access to the 73 Toll Road or the 5 and 405 Freeways is easy and convenient.
About Shea Properties
Shea Properties, headquartered in Aliso Viejo, California, is a diversified real estate company responsible for the acquisition, design, development, construction and management of business parks, shopping centers, apartment communities and mixed-use environments. Since beginning operations in 1969, annual revenues have grown steadily to more than $200 million, while the overall value of the portfolio has grown to more than $2.25 billion. Shea Properties owns and operates approximately 6,150 apartment units and 5.5 million square feet of office, industrial and retail space in California and Colorado. Currently, Shea Properties has nearly $1 billion in development projects underway. For more information, visit www.sheaproperties.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation's leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG's clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team's experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG's portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com.
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