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.