LPC West, TriGate Buy $97M Orange County Campus

The Square on Main

A joint venture between LPC West and TriGate Capital has purchased the The Square on Main, a 420,000-square-foot office campus in Orange, Calif., for $97.2 million, public records show. The seller was WCB Properties, while Capital One Bank provided $69.6 million in acquisition financing, according to public documents.

The new owner plans to invest in sustainability upgrades and operational enhancements at the newly acquired properties. CBRE is currently acting as the leasing broker.

The LEED Gold-certified office campus occupies 7.6 acres and features two 12-story buildings, one six-story property, two one-story properties and a parking structure. The buildings are leased to long-term tenants, such as Western Dental and the Orange County Transportation Authority. Both tenants have been occupying space at the campus for more than 25 years. Other tenants include Union Bank, Maxim Healthcare Services and PM Realty Group.

The two 12-story buildings offer 15,000-square-foot floor plates and approximately 600 parking spaces each, representing a parking ratio of 3.8 spaces per 1,000 square feet, according to CommercialEdge data. The six-story property offers 13,093-square-foot floor plates, according to the same data provider.

An addition to a growing portfolio

With buildings located at 500 S. Main St., 600 S. Main St., 530 S. Main St., 550 S. Main St., and 1518 W. La Veta St., the office campus is in the heart of the Orange County market, with easy access to highways 22 and 57.

LPC West’s Orange County portfolio comprises approximately 35 properties, encompassing 7.2 million square feet of office, industrial and retail space. In July, another LPC West joint venture acquired the 240,904-square-foot 465 North Halstead, an office campus in Pasadena, Calif.