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 GE. Suites range in size from 1,000 square feet to 20,000 square feet to meet the needs of a variety of businesses.
The Abbey Company will invest $1.5 million in the new properties and look to its in-house asset management team to oversee and carry out the improvements and upgrades to the projects, according to a press statement.
Additional assets in The Abbey Co.’s Orange County portfolio include the Anaheim Stadium Park, Aliso Viejo Commerce Center, and Cityview Office Plaza in Garden Grove.