Identification – Waterford utilized a relationship with a local leasing broker to acquire the vacant 160,000 SF Office campus with 2.5 acres of vacant land off-market in December of 2016 from a corporation looking to dispose of excess real estate after a merger.

Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly.

Business Plan – Waterford felt the project could be re-positioned well by targeting larger users in Orange County who sought to create their own campus environment in close proximity to excellent retail and housing amenities. It also went through a formal re-branding of the project so it was more widely known in the brokerage world.

Capitalization – Waterford partnered with an institutional real estate equity fund to acquire the project all cash for $36M within 30 days of going under contract.

Asset Management – Waterford hired best-in-class architects and general contractors to reposition the asset as a high-end office campus for any large users seeking new space in Orange County. Waterford was able to attract a large, publicly-traded firm Glaukos, to lease all 160,000 SF of the project within two years of acquisition as well as purchase the excess land for future development potential.

Stabilization – Waterford sold the project to a long-term focused institutional investor in June of 2020.  Over a 3.5 year hold period, the project achieved a deal level 19.09% IRR and 1.78x equity multiple.