20 Centerpointe Dr
MAJOR PRICE REDUCTION: 84% Leased Flex Building w/ 4.0 Year WALT + Upside | North OC
Marketing description
STABILIZED LOW-RISE OFFICE/FLEX OPPORTUNITY IN MID-COUNTIES CAMPUS SETTING
► High-Image, Campus-Environment Offering | Unique opportunity to acquire a distinguished asset in one of the most dominant business regions in the world. The low-rise asset is located within a campus setting with lush landscaping, recent multimillion-dollar common-area upgrades, and an association lounge space. It offers convenient surface parking, excellent egress/ingress with direct freeway access, and a high-traffic location with high-growth potential.
► Ease of Ownership | The NNN leases provide ease of ownership and security from owning in one of the safest real estate markets in the U.S. New ownership enjoys passive, durable cash flow during the investment period.
► Strong In-Place Cash Flow with User Potential | With 8,783 SF of immediately available occupancy, the property could be an interesting opportunity for an owner-user who wants to occupy the vacancy and offset debt service and drive income with the strong day 1 cash flow.
Investment highlights
STRONG MARKET FUNDAMENTALS
► Favorable Suburban Low-Rise Trends | Over the last decade, growth among low-rise products has been robust, out-pacing high-rise products in vacancy compression and rent growth. This trend is expected to continue into the foreseeable future.
► Limited Availability Despite Demand | According to CoStar, the direct vacancy rate for the La Palma/Buena Park office/flex submarket is 6.9% in YTD4Q23, which is below the historical average and with zero new construction in the pipeline.
RENOWNED ENTERTAINMENT LOCATION WITH EXPANDING RESORT AMENITIES
► Highly Desirable Location | La Palma is a meeting point between Los Angeles and Orange Counties. This central location has convenient freeway access and offers ease of commute for the area’s businesses and tenants, as well an affordable alternative to other costly areas of Southern California.
► Multi-Modal Transportation Access | The surrounding multimodal transit hub offers ease of commute for the region’s workforce, as well as proximity to workforce and executive housing. Located immediately off SR-91 freeway, the asset has superb access to I-5 and I-605, as well as Long Beach International Airport and several Metrolink stations.
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