Orange County’s office market continues to face hurdles. However, one property may test the current market conditions after it was recently placed up for sale. According to a marketing brochure from Newmark, a 98,907 square foot property in Orange has recently been made available for sale. The property is listed with pricing guidance in the range of approximately $19 to $20 million, according to a source with knowledge of the property.
Situated at 999 W Town & Country Road on nearly three acres of land, the property is marketed by a team at Newmark, which includes Kevin Shannon, Ken White, Paul Jones and Brandon White. The property most recently traded hands in 2018, when it was acquired for $32 million, or about $323 per square foot. At the time, the property was bought by Frontal Ew Town & Country, LLC, an entity that shares an address with EverWest Real Estate Investors, according to public records.
The property was built in 1976 and renovated in 2018. The site features approximately 47 surface parking stalls and an additional 352 stalls across five stories. The building boasts large floor plates and is currently about 84 percent occupied, according to the brochure. The building is currently leased to Interspace and Aecom. However, with Aecom currently offering two floors for sublease, the site could potentially serve an owner/user.
Additionally, because of its “Urban Mixed-Use” zoning, investors have the option to redevelop the site into a multifamily property. The property stands as a potential candidate for medical office conversion. The property taps into the medical office market fueled by proximity to renowned healthcare institutions like Providence St. Joseph Hospital, Children’s Hospital of Orange County, and UCI Health Center.
