LONG BEACH, Calif., April 18, 2016 /PRNewswire/ — Harbor Associates, LLC ("Harbor") has acquired 3 Burroughs, a 37,000 square foot former flex office building that will be transformed into a Class A creative office campus. The project is located in Irvine, California and will be rebranded as 'Bespoke Irvine.' John Collins, Matt McKinlay and Dave Smith of Lee & Associates represented the buyer and seller in the transaction. John Chun, Greg Brown and Jamie Kline of HFF arranged the financing for the project.
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Built in 1982, Bespoke Irvine has unique architectural features that make the project well-suited for a creative office conversion. The building features wood beam ceilings at above standard heights of 14 feet, two courtyards, and a 4.1 per 1,000 parking ratio. Harbor's renovation plans include a building exterior modernization with drought-tolerant landscaping and the creation of two new tenant entries, a roll-up glass garage door, and outdoor work and lounge areas.
The project is located in the Irvine Spectrum submarket, which has the lowest direct vacancy in Orange County at 5.7%. The property has great visibility on Bake Parkway and is within ½ mile of Interstate 5 and Interstate 405 allowing direct access throughout Orange County and Southern California. Bespoke Irvine is also located within 1.5 miles of the 1.2M square foot Irvine Spectrum outdoor shopping mall.
Paul Miszkowicz, Principal for Harbor, comments, "3 Burroughs represents a tremendous opportunity to convert a tired asset into a fully-amenitized Class A creative office campus in Orange County's strongest submarket that is proximate to freeways and retail amenities."
Joon Choi, Principal for Harbor, adds, "Bespoke Irvine offers customizable entries with prominent signage, inspired architecture, and private outdoor workspaces, which provides a unique product offering for the Irvine Spectrum."
Justin Loiacono, Principal for Harbor, states, "We are excited to have made our third creative office acquisition in Orange County. Harbor is actively seeking similar value-add opportunities in high demand Southern California submarkets. We have an active pipeline of deals that have similar building traits with the goal of investing $250M in the next twelve months."
About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. The three Principals of Harbor have over 25 years of experience in Southern California and have closed over $1.7B in acquisitions and asset managed over $2.5B in assets totaling over 3M SF of office. The company is a joint venture with The Bascom Group, LLC.
About Bascom: The Bascom Group, LLC (www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $10.0 billion in multi-family and commercial value-added transactions since 1996 including more than 270 multifamily properties containing over 71,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
Contact: Joon Choi
Tel: 562-436-6688
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