A creative office building in Orange County has recently been placed up for sale after it last traded hands in 2018. According to a property listing from CBRE, the 37,090 square foot building is on the market for just over $11 million, or about $299 per square foot. In 2018, the building sold for $11.7 million, public records show.
The two-story office building is located at 25371 Commercentre Drive and is currently owned by Prosper Real Estate LLC, according to public documents. Currently the building is divided into three suites – consisting of 18,678 square feet, 8,268 square feet and 10,144 square feet – but can also be converted to accommodate a single occupant or an owner/user.
The property also offers various amenities throughout, including renovated restrooms, common areas with outdoor seating, bocce ball and ping pong, a putting green, barbecue areas and more.
Nearby are also a variety of offsite retail and dining amenities, including the Foothill Ranch Town Center, which consists of over 1.35 million square feet of retail space. The property is also easily accessible by both Interstate 5 and Route 241.
Overall, Orange County’s office market is continuing to be faced with a number of challenges through the growing presence of remote work and office space consolidation. According to a fourth quarter market report from CBRE, Orange County has seen 4.2 million square feet of office space added to the sublease market, a quarter-over-quarter increase of 201,400 square feet. Vacancies also continued to trend up, with CBRE reporting a rate of over 12 percent in the fourth quarter. Still, the market continues to see some investment sales. In the fourth quarter, the Orange County office market recorded $310 million in sales volume. Despite this, there was still a 65.1 percent decrease in sales compared to the same time last year.
