After acquiring it just last year, Lincoln Property Company has placed an 80,095 square foot office building in Orange back on the market. While guidance pricing for the site was not disclosed, the property last traded in February 2022, according to public records, for $97 million, or about $1,211 per square foot.
The property is located at 530 S Main St. on 0.35 acres and was built in 1966. It has since been renovated in 2020, according to the listing from CBRE, which serves as exclusive advisor. Overall, the property has undergone capital improvements of approximately $2.5 million.
The building is fully occupied by three tenants, which include Western Dental, Children’s Hospital of Orange County and the Orange County Transportation Authority. The property’s weighted average lease time is about 5.7 years, and since 2006, the property has maintained an average occupancy of 97.5 percent. Of the current tenants, the listing shows that Western Dental – which occupies more than 90 percent of the building – has been at the property since 1999.
Situated in a strong medical office submarket of Orange County, the property is across from the Children’s Hospital of Orange County and Providence St. Joseph Medical Center, two of the largest hospital systems in the area. The site is also adjacent to the 1.1 million square foot MainPlace Mall, a shopping and entertainment destination with more than 200 stores.
While the property is home to a roster of long term tenants, the surrounding office market in Orange County has seen a number of challenges in recent months. According to a first quarter market report from CBRE, Class A vacancy rates have shifted upward to 16.3 percent, compared to 14.9 percent the previous quarter. Leasing volume in Orange County’s office market has also dropped in volume by 12.3 percent.
