Not long after it was acquired in 2019, Dollinger Properties is looking to place a 145,798 square-foot office campus in Brea back on the market. According to a listing by JLL, the property, which is also known as Fairway Center, is being offered at $35 million, or approximately $240 per square foot.
Located at 1800 E. Imperial Highway, the property was initially built in 1987 before being purchased by Dollinger Properties for $33.5 million. Now, back on the market, the property offers more than five acres of land and newly renovated office space.
Fairway Center is currently 13 percent leased to two tenants, leaving more than 127,000 square feet of the property available for new tenants or a potential owner/user. According to JLL, both leases are set to expire in 2026.
The property is located just off State Road 57, with easy access to more than 4 million square feet of retail and service amenities, such as the 1.3 million square foot Brea Mall. The area is also home to a large population, with more than 344,954 people living within a three-mile radius of the property.
In general, Brea has performed well over the past several quarters. The Northern Orange County submarket has seen one of the lowest office vacancy rates in all of Orange County at currently 9.9 percent. Additionally, JLL suggests that demand for low-rise office space in Brea has grown five times since 2018.
“With the office supply in Brea on the decline due to increased industrial conversions, Fairway Center I is positioned to benefit from the continued increase in leasing demand and upward movement in office rental rates as the Imperial Highway corridor gentrifies into a more vibrant environment,” the listing states.