FOR IMMEDIATE RELEASE
Contact: Lauren Smith
IDEA HALL
(714) 436-0855 ext. 23
lauren@ideahall.com
Buchanan Street Partners Sells Class A Office Property in Foothill Ranch, CA for $62.2 Million
- Foothill Plaza Sale Benefits from Orange County's Improving Office Market
Newport Beach and Foothill Ranch, CA (August 9, 2006) - Buchanan Street Partners, a leading
national real estate investment bank, announced the sale of Foothill Plaza, a Class A office property
in Foothill Ranch, CA, for $62.2 million. Buchanan Street and its partner, Steadfast Business
Properties, sold the property for a 6.15% cap rate on projected year one net operating income.
Foothill Plaza, developed in 2002, consists of two three-story office buildings totaling 208,620
square feet. It is situated on Portola Parkway, the primary east/west thoroughfare for Foothill Ranch,
off the 241 Tollway. The property was acquired with Steadfast Business Properties in 2005 for $34.8
million with Buchanan Street investing $5.9 million in capital from its Buchanan Fund III.
"Our original strategy was to stabilize and sell after a holding period of five years," said
Stephen M. Blue, senior vice president of Buchanan Street Partners. "Due to excellent marketing
and improved market conditions, Steadfast was able to successfully bring the property to 98 percent
occupancy and take advantage of Orange County's rapidly improving office market. We were able to
significantly shorten the investment period and earn a return far in excess of our initial
expectations."
About Buchanan Street…
Buchanan Street Partners is a real estate investment bank that
provides real estate capital for owners and developers. The firm makes principal equity investments
for real estate in a discretionary capacity, arranges debt and structured finance, is an investment
manager to institutional and private investors, offers investment sale brokerage services, and
has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles,
San Francisco, Chicago and Atlanta.
About Steadfast Business Properties…
Steadfast Business Properties is a Newport Beach, CA-based real
estate investment enterprise that acquires, improves, and manages real estate assets in the continental
US, Hawaii, and Mexico. Founded in 1995, it is currently made up of four divisions covering apartment
communities, commercial properties, hospitality, and business properties. Steadfast currently has
over $1.2 billion and 12 million square feet in commercial development projects to their credit.
