Harbor Associates Acquires 297k SF Off-Market Office Campus in Aliso Viejo
LONG BEACH, Calif., March 26, 2021 /PRNewswire/ -- Harbor Associates, LLC ("Harbor") in partnership with Singerman Real Estate ("Singerman") has acquired the 297,277-SF Summit IV office campus in Aliso Viejo, CA in an off-market transaction.
Harbor will immediately begin renovations at the 80%-leased property. The planned project enhancements will focus on providing improved workplace wellness and the creation of other complementary on-site lifestyle amenities incorporated throughout the expansive outdoor courtyard. Interior improvement plans also include a new lobby, move-in ready suites, as well as restroom and corridor updates.
"Summit IV is a premier Class A asset in Aliso Viejo with strong in place tenancy and many property characteristics that we think will be in demand as tenants continue returning to the office," said Justin Loiacono, Principal for Harbor. "We believe high-quality and well-located suburban office assets will outperform moving forward."
"Our plan is to reimagine this project while celebrating its current design and introducing a focus on health and wellness in the workplace by incorporating relevant lifestyle and recreational amenities that offer the type of work life balance many desire as they return to the office," added Rich McEvoy, Harbor Principal.
"We are excited to extend our relationship with Harbor Associates through this investment," said Singerman Real Estate Principal Kiley Carter. "Summit IV benefits from a strong tenancy, physical design, opportunity to enhance outdoor common areas and proximity to a talented employment base. This partnership represents our 12th investment in Southern California across asset classes and we look forward to executing on additional opportunities with Harbor."
About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. Harbor owns and has repositioned nine projects in Orange County totaling over 1.1M SF and the firm's portfolio has grown to over 4.0M SF with a total cap in excess of $1B. The company is a joint venture with The Bascom Group, LLC.
About Singerman: Singerman Real Estate, LLC ("SRE") is a value-driven real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including industrial, life science, office, hospitality, retail and multifamily, in addition to secondary real estate asset classes. Since 2010, SRE has sourced and executed, with partners, over $3.2 billion of investments across the major property types.
Rich McEvoy | Principal
Harbor Associates
200 Pine Ave, Suite 502 | Long Beach, CA 90802
O 562-215-4849 / C 949-412-2468
[email protected]
www.harborassociates.com
SOURCE Harbor Associates
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