CAPROCK PARTNERS ANNOUNCES COMPLETION OF RADIUS – A BREAKTHROUGH OFFICE PROJECT
CAPROCK PARTNERS ANNOUNCES COMPLETION OF RADIUS – A BREAKTHROUGH OFFICE PROJECT IN TUSTIN, CALIFORNIA
IRVINE, Calif. — (April, 2016) – CapRock Partners, a private commercial real estate investment firm based in Orange County, California, today announced the completion of Radius (www.RadiusOC.com), the company’s innovative new office redevelopment project in Tustin, California. The $2.5 million redevelopment project represents a highly evolved office offering that is now available for occupancy.
“Radius represents both a natural evolution, and a firebrand revolution, of the office market in Orange County,” said Jake Loughridge, Vice President of CapRock Partners, who served as the lead on the project. “Over the past decade, we’ve seen a massive movement away from traditional office space – and toward modern work spaces with collaborative areas and indoor/outdoor connective spaces. We’ve also seen companies yearning for a better way to work, in an environment that is in line with their corporate culture and with the major cultural shift toward work/life balance. Radius is the first asset in its market to deliver on these desires.”
CapRock Partners acquired the asset now known as Radius in an off-market transaction. Located at 14191 Myford Road in Tustin, Radius encompasses 7.4 acres and a total of 110,000 square feet that was originally designed as premium industrial space. With its premier location within the amenities-rich Jamboree Rd/ 5 Freeway/ 261 Toll Road corridor and abundant surface parking and outdoor spaces, the CapRock team immediately identified an opportunity to redevelop the asset, repositioning70,000 square feet for a single user looking for its own identity in a contemporary office environment. The remaining space was leased at the close of escrow by a tenant in-tow, as part of the original transaction.
“As Orange County grows into its moniker as the ‘Tech Coast,’ we are seeing a heightened demand for ‘what’s new and next’ in office space,” says Scott Read of Newmark Grubb Knight Frank and the broker of record for Radius. “CapRock’s completion of Radius changes the ecosystem of the office market in Orange County, and we anticipate that it will command a lease price well above the market’s 30-40 percent premium for traditional office as a result.”
Highlights of CapRock’s completed Radius project – in addition to its strategic location with close proximity to the 5, 55, 405 and 261- include:
Truly unique office space designed for a single tenant seeking a work ecosystem to match their company’s culture and DNA Conceived and built for tomorrow’s work/life desires and demands, with meeting and gathering spaces and an open, collaborative office floor plan
More than a half-acre of outdoor amenity space – more per rentable square foot than any other OC office project – encompassing sport courts, a dog park, fire pit/BBQ, and meeting areasDesigned for efficiency with a unique layout to maximize space utilization, resulting in a load factor of less than 4%, and indoor/outdoor work areas to increase productivity and employee satisfaction and retention
“It’s misleading to use the old ‘office’ vernacular to describe Radius,” says Jon Pharris, President and Co-Founder of CapRock Partners. “Radius transcends conventional office space and eclipses the idea of how office space is viewed and used. We believe Radius reflects the future of work environments in Orange County – and a future time in which we will no doubt have a different lexicon to describe where and how companies and their teams pursue their collective goals. The team at CapRock is proud to be pioneering the evolution of office.”
About CapRock Partners
Since its founding in 2009, Irvine, California-based CapRock Partners has become one of the fastest-growing private commercial real estate investment firms in the state with a focus on investing in middle market value-add industrial assets throughout California and developing Class A industrial buildings in Southern California. The firm has a pipeline of more than 6,000,000 square feet of Class A industrial development, including more than 1,000,000 square feet completed in 2015 and more than 2,000,000 square feet slated for construction in 2017,with a pipeline and assets totaling more than $750 million at completion.
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