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April 22, 2002
For More Information:
Donna Hahn
Hahn Communications
(949) 458-3983
WESTERN STATES TECHNOLOGIES ADDS HIGHLY VISIBLE
TOLL ROAD PROPERTY TO ORANGE COUNTY PORTFOLIO
IRVINE, CALIF. – The Irvine, Calif., office of Los Angeles-based Western States Technologies Inc. has acquired a 38,000-square-foot R&D/corporate headquarters property in Lake Forest, Calif., for $4 million. The property, purchased from Newport Beach, Calif.-based EIC-TSI Investors, represents Western States Technologies’ 14th acquisition in the Orange County marketplace since the company’s establishment in 1985.
Located at 20162 Windrow Dr. near Lake Forest Drive, the R&D building enjoys a highly visible location along the (241) Foothill Transportation Corridor, with 242 feet of frontage visible from the toll road. The property also offers short commutes to the Irvine Spectrum and the Santa Ana (5) Freeway. Highlighted by long bays of attractive reflective glass along three elevations, the two-story corporate headquarters is close to retail and hotel amenities.
iBASEt, a software development firm, currently occupies 100 percent of the space. The company provides integrated, paperless solutions for manufacturers in the aerospace and defense, industrial equipment, medical equipment/device and electronics industries. IBASEt also provides IT and technical support services to federal government customers.
“We are very pleased to acquire this exceptionally well-located property that serves as the headquarters for one of the area’s leading software firms,” said Todd Miller, vice president of Western States Technologies. “This acquisition demonstrates outstanding, long-term investment potential and is representative of the type of premier property we are actively seeking.”
Western States Technologies was represented by Trent Walker of Voit Commercial’s Irvine office. Gregg Haly of the Newport Beach, Calif., office of CB Richard Ellis, represented the seller.
Western States Technologies was established in 1985 in Los Angeles. The company concentrates on the successful development, acquisition and rehabilitation of industrial and office properties. Currently, Western States Technologies owns and manages a mixed-use portfolio totaling more than one million square feet in Los Angeles, Orange, Riverside and San Bernardino counties.
The company's tenants include such global business leaders as Baxter Pharmaceutical, Dow Chemical, Gerber Technologies, International Paper, Jacuzzi, Kaiser Aerospace, MCI WorldCom, Mikasa, Oakley, R.C. Cola, Rockwell International and Union Carbide, among others. By incorporating its strong, hands-on asset management approach, the company has averaged occupancy rates of more than 97 percent portfolio-wide over the past five years.
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