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Situation
The owners, Lone Cypress, purchased the building vacant in 2020, a 38,154 SF office building located in Aliso Viejo. There had been zero transactions in the first 8.5 months of 2021 within the subset of buildings. They needed a team with strong relationships in the market and marketing tactics to position the asset for both lease and sale options. Driving interest and occupancy at 101 Columbia were both critical for this client to achieve their investment goals.
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Strategy
The owners completed a market-specific renovation to the building to bring it up to the standard of competitive set. Renovation elements were inclusive of two-tone exterior paint, and an elevated lobby with modernized entry finishes and lighting fixtures. The Stream team implemented an aggressive marketing campaign, targeting large South County tech, healthcare, and government agencies, with current occupancy in more than 25,000 square feet of space. Given knowledge of the market and the owner’s ultimate objective of divesting of its California real estate, the Stream team recommended putting the building on the market for sale/lease.
Results
Proactive marketing tactics and targeted direct digital marketing using RealtyAds allowed Stream to identify three strong occupier options: single user, long-term leases or purchase options. Lone Cypress ultimately chose the purchase option to Holt Integrated Circuits because this option was less capital intensive. Stream successfully closed on the transaction before the end of the year, which ultimately was the largest user transaction in the City of Aliso Viejo for all of 2020 – 2021.
“I needed a team that had the brand, marketing, back office, horsepower… to me Stream was the perfect mix. This was the largest acquisition I’ve even done and now the largest disposition. I wanted the project/building to be important to the leasing team. I wanted to make sure it received their focus and attention.”
