04
Nov2013
Voit Real Estate Services/CORFAC International Directs Closeout Sale of 127,827 Square-Foot Professional Office Project In Corona
Contact: Angela Watford 949-851-5100 awatford@voitco.com
Irvine, CA (November 4, 2013) – Kevin Turner, Michael Hartel and Angela Watford of Voit Real Estate Services/CORFAC International’s Irvine office successfully directed the sale of seven professional and medical office condominium buildings at Corona Corporate Centre totaling $18.6 million and 127,827 square-feet on behalf of the seller, Optimus Building Corporation. Twenty separate buyers, which included medical, dental and cosmetic specialists and professional office users, purchased the cold-shell units, according to Kevin Turner, Senior Vice President in Voit’s Irvine office. “Corona Corporate Centre is an unfortunate case study of the financial collapse of 2008,” according to Turner. “The project’s first building sold at $315.00 per square foot upon commencement of construction, and by the time the project was completed, the market crashed.”Fast forward two years later and the project was sold by the lender to Optimus Building Corporation who repositioned the condos with patient private equity and completed nineteen transactions at an average price of $130.00 per square foot to end-users.Over the next twenty-four months, Voit Real Estate Services managed the lender sale and executed the individual unit sales at significantly above pro forma according to Gary Hamro of Optimus. “We were very pleased with the creative efforts of the Voit team and the ultimate success of this project.”The property is located at 2045-2097 Compton Avenue in Corona.About Voit Real Estate Services/CORFAC InternationalVoit Real Estate Services is now an 11 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients' needs. Combining more than 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, Voit provides clients with forward looking strategies that create value for their assets and portfolios.Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 53 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
MENU
