LOS ANGELES – September 11, 2017 – Abington Emerson Investments, LLC closed the sale of one of the largest office buildings in San Clemente, Orange County, California.
The two-story, 85,316 square foot property was built in 2002 and is located in the coastal and affluent market of South Orange County in the 100-acre Talega Business Park. At the time of acquisition, the property had two tenants leasing 70% of the building at rents that were 20% below market. In a little over a year, Abington Emerson found a potential tenant for the remainder of the vacant space and signed lease extensions with the current tenants at the market rates.
The property was sold to a local investor for ~$16,500,000, resulting in a net return on investment of over 20%.
“We are very pleased with a quick turnaround of this investment, and will continue looking for similar properties and markets to add to our portfolio,” commented Kyle Stoner, who is responsible for Abington Emerson’s acquisitions in Southern California.