The property, located at 1150 East Orangethorpe Avenue, is a 16,760 square foot multi-tenant office building that sits in close proximity to a variety of daily-need amenities, banking institutions and medical offices. The surrounding neighborhood is in a stable stage of growth, with limited opportunity for new development.
OCTA is nearing completion of OC Bridges, a large, multi-phase project that will eliminate railroad grade crossings with the construction of bridges at five intersections in the cities of Anaheim, Fullerton, and Placentia. These upgrades will improve safety, convenience and traffic flow.
“Location is one of the primary reasons businesses and residents call Placentia home,” said Andrich. “The recently constructed bridges will provide easy and convenient access to the building and local trade area.”
The Orange County office market fundamentals have fluctuated throughout 2016; however, the fourth quarter of last year ended on a positive note with a decrease in vacancy and positive occupancy gains. Vacancy is projected to remain flat throughout 2017 with a slight increase projected to occur at the end of the year, according to CBRE Econometric Advisors (CBRE EA). Lease rate growth has been exceptionally strong over the last year. The average asking lease rate was up 8.8 percent year-over-year in the fourth quarter, and CBRE EA predicts that it will continue its upward trajectory into 2017.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.