A 73,412 square foot office campus is adding to a number of office properties that have been placed on the market in Orange County in recent months. The property, which is marketed by CBRE, includes four buildings for an asking price of $26.6 million, or about $363 per square foot, according to the property listing.
The campus, also referred to as Culture Yard, is located at 150 Paularino Ave. on nearly five acres and is currently owned by LPC West. Since 2020, it has undergone $13.8 million worth of renovations to modernize the 1970s-era buildings, the offering memorandum shows.
The property is fully occupied by four tenants, including Specialty Restaurants Corporation (SRC), FLDWRK, FBA Engineering and American Housing Ventures.
Culture Yard is located near a number of retail and dining amenities and is also within close proximity of both Interstate 405 and State Route 55. John Wayne Airport is also just a short commute from the property.
While much of California’s office markets continue to be hit with high vacancies, low rise office buildings in Orange County continue to perform well in comparison. According to CBRE, direct vacancy for low rise office space was at 7.8 percent as of the second quarter of the year. As a home to many technology companies, Orange County’s Greater Airport Area submarket is only expected to continue to see interest from both investors and tenants. Overall, Orange County is expected to add 68,000 new jobs over the next five years, according to CBRE.
