LOS ANGELES, CA – February 26, 2018 – Pacshore Partners (“Pacshore”) and Canyon Partners Real Estate LLC® (“Canyon”) announced the acquisition of Harbor Corporate Park, a four-building, 150,189 square foot office campus in the SOCO submarket of Santa Ana, CA. The acquisition was made through Pacshore’s third fund within the programmatic joint venture with the Canyon Catalyst Fund (“CCF”), the CalPERS real estate emerging manager program managed by Canyon. The CCF Pacshore partnership targets office property acquisitions in Southern California.
“This acquisition, in one of the most sought-after Orange County office submarkets, will strengthen our portfolio of well-located, value-add office assets,” said Philip Orosco, Founder of Pacshore Partners. “The SOCO submarket is emerging as a preeminent location for tenants seeking a creative and amenity-rich environment in Orange County. Harbor Corporate Park is well-suited to accommodate tenants that are attracted to the market’s increasing number of housing and retail developments as well as access to transportation options.”
The four two-story buildings are set on 8.93 acres with 574 parking spaces. A capital improvement plan will include upgrades to enhance the aesthetic of the property, and a spec suite will be built to market to prospective tenants. The Property is situated on Harbor Boulevard, the main north/south artery of Costa Mesa and the central corridor of the SOCO office market. Harbor Corporate Park provides access to over 5.5 million square feet of retail and service amenities, including the SOCO Collective, an experiential retail center. Three of Southern California’s major roadways, the I-405, SR-55, and I-5, are immediately accessible from Harbor Corporate Park. The SOCO submarket is experiencing an unprecedented amount of construction and development – presently over 2,000 residential units are under construction.
About Pacshore Partners
Pacshore Partners is a Los Angeles-based real estate firm. Founded in 2012 by industry veteran Philip J. Orosco, Pacshore currently owns and manages a portfolio of premium commercial office and mixed-use properties with institutional joint venture partners. Since its inception, Pacshore has acquired over $400 million in assets with a particular focus on unique workplace environments.
Pacshore Partners and its affiliates actively manage properties throughout the Western US on behalf of institutional clients. The firm applies institutional best practices in property management, accounting, financial reporting, and strategic planning in order to optimize and preserve asset value.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles, with approximately $23 billion of AUM. Canyon focuses on providing value-added and opportunistic equity and debt capital to real estate owners, operators, developers, and lenders. Since inception, through its distinct real estate investment platforms, Canyon has invested over $6.7 billion of capital in over 265 commercial real estate and mortgage transactions with a total capitalization of $17.9 billion. For more information visit: www.canyonpartners.com.
About Canyon Catalyst Fund
The Canyon Catalyst Fund is a discretionary separate account managed by Canyon on behalf of the California Public Employees’ Retirement System which facilitates investment through the identification of real estate emerging managers with niche strategies, a demonstrated track record and strong potential to access unique investment opportunities. This platform is intended to cultivate the next generation of institutional real estate talent and Canyon, in its capacity as account manager, sources, selects and manages talent, while also maintaining oversight of all platform investments.
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