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26600/26650/26700 Aliso Viejo Parkway

Aliso Viejo, CA 

Identification – Waterford utilized a relationship with a local leasing broker to acquire the vacant 160,000 SF Office campus with 2.5 acres of vacant land off-market in December of 2016 from a Corporation looking to dispose of excess real estate after a merger.

Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly.

Business Plan – Waterford felt the project could be re-positioned well by making it a campus office project targeting larger users in Orange County who sought their own campus environment in close proximity to excellent retail and housing amenities.  It also went through a formal re-branding of the project so it was more widely known in the brokerage world.    

Capitalization – Waterford partnered with an Institutional real estate equity fund to acquire the project all cash for $36M within 30 days of going under contract.

Asset Management – Waterford hired best in class architects and general contractors to reposition the asset as a high end office campus for any large users seeking new space in Orange County.  Waterford was able to attract a large, publically traded firm known as Glaukos, to lease all 160,000 SF of the project within two years of acquisition as well as purchase the land for future development potential.  

Stabilization – Waterford sold the project to an long term focused institutional investor in June of 2020.  Over a 3.5 year hold period, the project achieved a 1.78x equity multiple.