Congratulations to DKN Hotels, the seller, and CP Partners, the buyer, on the successful closing of a 30,000-square-foot, two-story office building located at 23161 Lake Forest Center Drive just south of the Irvine Spectrum in Lake Forest.
We had the pleasure of representing DKN Hotels, a premier builder, owner and operator focused on identifying hotel renovation opportunities and new development sites throughout Southern California.
The buyer, CP Partners, LLC, who has been expanding its Southern California real estate portfolio, selected this quality asset for its key investment fundamentals. Those fundamentals include an efficient, well-located Lake Forest asset with high visibility and signage from the 5 freeway (360,000 cars per day), and future appreciation potential as the walkable area surrounding the property is undergoing a strong amount of new and redevelopment projects which are attracting an ever-growing roster of retail, dining, lodging and entertainment amenities.
The buyer also has plans to add value by embarking on a renovation of some of its common areas including a conference facility in order to attract new tenants and retain current tenants at market rental rates moving forward.
Additionally, Conrad & Associates, an entity of the new ownership, will join several other regional tenants who call the property home.
This property currently has flexible office floor plans available for lease ranging from 800 to 2,000 square feet which can accommodate up to about 20 employees. More for leasing information, be sure to visit the property website.
We would also like to thank the buyer’s broker representative, Andrew Morrow of Savils Studley, who worked closely with us to ensure a smooth and timely transaction process.