ORANGE COUNTY, Calif., July 20, 2016 /PRNewswire/ -- Saddleback Church, one of the largest churches in the United States with 16 campuses in five countries worldwide, has purchased Mission Foothills Professional Building from Providence Capital Group. Mission Foothills professional building is a 52,091 square foot, three story, elevator-served office building located in the heart of Mission Viejo, California. Built in 2001, the property was designed to reflect a modern suburban office style located in a highly affluent submarket within South Orange County.
"We purchased the Mission Foothills Professional Building in 2011 and through the execution of our leasing strategy and business plan, the asset will return excellent dividends to our investors," said Paul Laubach, president of Providence Capital Group.
Mike Adams of Stream Realty Partners represented the buyer and seller in the transaction in this off-market transaction that closed in 45 days. At the time of the sale, the building was 94 percent leased. The church plans to grow into the building as the current tenants leases roll.
"Mission Foothills Professional Building contains an excess of 13.15 acres, which enables Saddleback Church to develop the site and accommodate future growth," said Mike Adams, vice president of Stream Realty Partners.
"It was a pleasure working with Mike whose personal ability, attention to detail, and enthusiasm led to a seamless transaction," said Pastor Dave Arnold, director of Strategic Initiatives of Saddleback Church. "We are excited about the opportunity this expansion provides to our church."
About Stream Realty Partners
Stream is a national, commercial real estate firm with locations across the country. Stream's full-service offerings cover the broad spectrum of leasing, management, development, construction, health care, and investment sales services across the commercial and multifamily industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Since its formation in 1996, Stream has grown from its two original partners to a staff of more than 700 real estate professionals nationwide with regional offices in Atlanta; Austin; Charlotte; Chicago; Dallas; Denver; Fort Worth; Houston; San Antonio; Southern California; and, Washington, D.C. Stream currently has more than 130 million square feet of assignments across the nation; completes over $2.4 billion in real estate transactions annually; and is considered one of the most active investors and developers in the real estate industry.
For more information, visit www.streamrealty.com
STREAM REALTY PARTNERS
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SOURCE Stream Realty Partners