The Abbey Co. has expanded its Orange County, Calif., presence with the acquisition of two business parks in Brea totaling nearly 288,000 square feet. The larger property, Brea Park Centre, consists of 168,890 square feet of office space spread out over three three-story buildings that sit near the major intersection of Kraemer Boulevard and East Imperial Highway. The second property, the three-story Brea Corporate Plaza on East Imperial, totals 118,818 square feet. Both projects were approximately 86 percent occupied at the time of purchase. "This class B, value-add portfolio of office buildings is a perfect fit for The Abbey Company," said Brian Mericle, director of acquisitions. "It's a great opportunity for us to enter the extremely tight North Orange County market with two historically strong performing projects." Both properties have a diverse mix of tenants including government entities, financial services firms and anchor tenants such as New York Life Insurance and G...
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