Harbor Associates Acquires Vacant Building in Orange County, Plans Creative Office Conversion
LONG BEACH, Calif., Sept. 17, 2015 /PRNewswire/ -- Harbor Associates, LLC ("Harbor") has acquired 14201 Franklin, a vacant 40,000-square-foot former research and development building. The building will be transformed into a Class A, creative office campus. The project is located in Tustin, California and was acquired for $6,077,000. Steve Orchard, Gary Limjuco and Robert Murphy of Transwestern arranged the debt and equity financing for the project. Shawn Lawrence, Jason Ward, and Chon Kantikovit of Cushman & Wakefield represented the buyer and seller in the transaction.
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Built in 1983, 14201 Franklin has unique building features and excess land that make the project an ideal candidate for a creative office conversion in a market where creative office product has a low, single digit vacancy rate. The building has redwood beams with above standard clear heights, two interior glass atriums, and multiple skylights. As part of the planned renovation, Harbor will make extensive building and landscaping upgrades along with converting the adjacent, undeveloped 1.1 acre parcel into additional project parking that will allow for the highest parking ratio in the competitive set.
14201 Franklin is located within one mile of Interstate 5, the 261 Toll Road and Jamboree Road, allowing direct access throughout Orange County and Southern California. The property is also within one mile of the 1.6M-square-foot Tustin Marketplace outdoor shopping mall and three miles of the 1M-square-foot District at Tustin Legacy retail center.
Justin Loiacono, Principal for Harbor, comments, "14201 Franklin represents an opportunity to convert a tired R&D asset with excess land into a fully-amenitized Class A creative office campus that is proximate to freeways and retail amenities in a strong Orange County location."
Joon Choi, Principal for Harbor, adds, "Harbor is planning a complete retrofit of the vacant building into a progressive office environment that will feature abundant natural light and air along with multiple indoor-outdoor work and play areas. We intend to create a differentiated product that is customizable and unique."
Paul Miszkowicz, Principal for Harbor, adds, "We are excited to have made our first acquisition in Orange County. Harbor is actively seeking similar value-add opportunities in high demand Southern California submarkets. We have a pipeline of quality, risk-adjusted opportunities in this space with the goal of investing $250M by year end 2016."
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. The three Principals of Harbor have over 25 years of experience in Southern California and have closed over $1.7B in acquisitions and asset managed over $2.5B in assets totaling over 3M SF of office. The company is a joint venture with The Bascom Group, LLC.
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 66,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
Contact: Joon Choi
Tel: 562-436-6688
Email: Email
SOURCE Harbor Associates, LLC
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