Denver, CO (March 20, 2020)
Ascentris, a Denver-based real estate private equity firm, together in a joint venture with Cypress Office Properties, LLC, a San Diego-based operator, announced today the purchase of Summit V, a two-building Class A office campus totaling 253K square feet with a 1,232-space free-standing parking structure located in the Aliso Viejo submarket of Orange County, California.
Summit V was constructed in 2008 and is the newest of the office buildings built in the Aliso Viejo submarket. The property features nine-foot ceilings (10’6” in the lobby), expansive window lines, large functional floorplates and a resort-quality outdoor courtyard with multiple water features and amenity space connecting the two buildings.
Summit V also sits adjacent to the Renaissance ClubSport Hotel and Fitness Resort, an upscale multi-purpose property that includes a 70K square foot resort-style sports club and spa, a Four Diamond 174-key Marriott hotel, a full-service restaurant, childcare and lounge.
The property is centrally located in South Orange County with direct access to the 73 Toll Road and in close proximity to retail offerings including Whole Foods and Aliso Viejo Town Center. The center features more than 30 restaurants, an Edwards movie theatre and nationally recognized retailers including Trader Joe’s and CVS.
The partnership intends to bring new life to the property through renovations to both the interior and exterior, creating a dynamic work environment designed to attract both large and small tenants from a variety of industries. The property is also one of the few options for tenants seeking more than 50,000 square feet of contiguous space.
“Ascentris has been focused on the Aliso Viejo submarket for several years so we moved quickly when the acquisition of Summit V was presented to us,” said Jeffrey Stonger, Managing Director of Ascentris. “It is also the start of a new partnership with Cypress, who is a best-in-class operator within Southern California, and we look forward to executing on this investment with them.”
“We are pleased to be partnering with Ascentris in the acquisition of Summit V,” said Mark Wayne, Principal with Cypress Office Properties, LLC. “The Class A quality of the property and South Orange County location presented an attractive investment profile for both Ascentris and Cypress. Our partnership plans to perform select common area upgrades that will position the asset as a top-tier office property within the amenity-rich Aliso Viejo submarket.”
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. With $1.6 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across major property types and geographic regions within the United States.
Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first.
Additional information is available at www.ascentris.com.
About Cypress Office Properties
Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company specializing in acquisitions of value-add, redevelopment and core-plus office properties in key markets throughout the Southwest United States.
The company primarily focuses on Southern California and Phoenix, where it sees significant upside potential. Since its founding in 2009, Cypress has established itself as a proven investor in these markets, identifying, acquiring and operating office properties that meet its strategic investment criteria.
Today, the Cypress portfolio consists of fifteen office projects totaling approximately 3.1 million square feet. For more information, visit www.CypressOffice.com.
%20(1).avif)