ABOUT THE PROPERTY
ZKS and Carlyle entered into a forward purchase agreement
to acquire Foothill Corporate Plaza from Opus West upon completion. The
property was purchased in three phases from December 1998 to June 1999.
Each building was in a different stage of lease up at the time of
acquisition. ZKS leased the project to 99% occupancy and sold it for
$42.3 million in October 2002, generating an IRR of 7%.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Opus West
Sold to Metropolitan Life Insurance Company
Date Purchased 1998 - 1999
Date Sold October 2002
Purchase Price $31,874,000 ($111 psf)
PROPERTY DESCRIPTION
Location Foothill Ranch, CA
Submarket South Orange County
Property Type Office
Property Description Three 2-story buildings
Rentable Square Feet 288,348
Year Built 1998 - 1999