Collectors Universe has expanded its lease at Drawbridge Realty‘s Pacific Heart, a 392,879-square-foot workplace park in Santa Ana, Calif. The authentication and grading service firm for homeowners of collectible gadgets added 102,000 sq. toes to its native footprint and can occupy 286,636 sq. toes on the property. CBRE labored on behalf of the owner whereas Savills represented the tenant.
That is Collectors Universe’s third growth at Pacific Heart because the Drawbridge bought it in 2019 for $97.5 million from The Brookhollow Group, in keeping with CommercialEdge. Situated at 1600 and 1610 E. St. Andrew Place, the two-building campus consists of retail house and 939 parking spots. The property is 3.1 miles from downtown Santa Ana, in an Alternative Zone, and 5 miles from Orange’s Previous Towne.
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Collectors Universe’s growth at Pacific Heart was potential as a result of Drawbridge negotiated with Mr. Cooper, a mortgage servicing firm, an early lease termination. The agency was trying to downsize its footprint earlier than its lease time period maturity in 2023.
CBRE Senior Vice President Ross Bourne and Vice Chairman Dave Desper labored on behalf of Drawbridge. Savills Govt Managing Administrators Zev Holzman and Taylor Wooden represented Collectors Universe.
Leasing alternatives
That is Drawbridge’s third long-term lease with a serious tenant because the starting of 2022. Within the first quarter of this 12 months, the agency inked a 15-year lease on the 1.4 million-square-foot Airport Know-how Park in Salt Lake Metropolis; the brand new tenant, a medical diagnostic firm, will occupy 230,000 sq. toes.
In June, Drawbridge signed a 15-year lease with semiconductor producer onsemi at its Rose Orchard campus in San Jose, Calif. Onsemi will take over full occupancy of the 92,448-square-foot constructing at 150 Rose Orchard Approach.
Earlier this 12 months, Drawbridge entered the Dallas-Fort Price market with the acquisition of HQ53, a 248,661-square-foot workplace property in Plano, Texas, that’s absolutely leased to Aimbridge Hospitality. The acquisition was financed with a $84.9 million mortgage.
