BRENEXUS OFFICE BUILDING SELLS FOR $2.1 MILLION – 81 days from market entry to close
Topside Real Estate
In February, 8921 Research, a 2-story, office building in the Brenexus business park, was sold to a private investor for $2.1 million. The seller was represented by Rob Rader of Topside Real Estate, while the buyer was self-represented.
At $424 per square foot, the sale took just 81 days from hitting the market to closing. The sale is an excellent representation of Topside’s efficient and effective marketing program, said Topside Real Estate President Rob Rader.
“While the pandemic has created a lot of uncertainty over the last twelve months, there continues to be high demand for smaller, owner/user opportunities in Orange County,” said Rader. “We had multiple, qualified offers within two weeks of bringing the property to market.”
The Property is well located in the Brenexus Limited Edition, within walking distance of the Los Olivos Marketplace and additionally benefitting from excellent freeway access.
The seller acted through a trustee on behalf of a family trust that had previously used the site for their business. While vacant upon sale, the buyer is determining whether or not to occupy the property or bring it to market for lease.
“Given low interest rates and the abundance of debt available, now is a very good time for companies to revisit their real estate strategies and determine if ownership is a more viable option than leasing,” says Rader, who has been in commercial real estate for more than two decades.
“Historically, office space has been very cyclical and buying at times of lower demand and below replacement cost, has proven to be one of the most successful investment strategies in Orange County. We are once again in that part of the cycle for the office market where buyers can make opportunistic investments.”
Of the 34 office buildings in Orange County that have sold so far in 2021, 21 office buildings, or over 60%, have been sold to owners who intend to occupy the property.
“It is highly unusual that we see more owner/user than investment sales, but it points to the entrepreneurial spirit of our office market and the continuing need for small businesses to have a place to operate,” says Rader.
Rader expects this trend to continue to last, and urges commercial real estate owners to consider their hold or sell strategy.
“Given the number of interested parties, I wish I had more buildings available for sale.”
Topside Real Estate is a commercial real estate brokerage firm started in 2020 by two industry veterans, Eric Paulsen & Rob Rader. The company services Southern California investors with the acquisition and disposition of commercial real estate. Eric & Rob’s extensive experience in development and value-add projects aligns well with property owners that are seeking new opportunities or need assistance with maximizing the value of their current real estate portfolio. www.topsidere.com