While we’re definitely seeing a slowdown these days in deal velocity, thanks in no small part to the ongoing credit crunch, transactions do continue to get done. For those of you who follow sales comps from Orange County, we’ve got a few recent deals from the past couple of months to share with you in this update.
We’ll start in Mission Viejo, where a 38.8k sf office building at 26691 Plaza Dr, east of I-5 and north of Crown Valley Pkwy, sold for $11.3 mil ($291/sf). The property seller, Los Altos Trust, was repped by Steven Economos, George Economos, Geoff DeWolf and Matt Moore of NAI Capital. The buyer was Universal Properties Two LLC.
Our next stop is in Tustin, where an investment group acquired Tustin Business Center, a 45k sf, two-building office complex at 17802-17842 Irvine Blvd, just east of the 55 Fwy, for $7 mil ($156/sf). Built in 1972, the asset is situated on two legal parcels totaling over two acres. Michael Lawrence of Marcus & Millichap represented the seller, Tustin Business Center LP. The buyer, PI Properties No 19 LP, was repped by Andrew Hodac, also with M&M.
In Foothill Ranch, Kindness Capital Management LLC paid $2.2 mil for a 7.5k sf ($293/sf) industrial building at 27181 Burbank, north of Portola Pkwy and the 241 Toll Rd. Chris Migliori of DAUM Commercial represented the buyer. The seller, Tittle Family Revocable Trust, was repped by Craig Fitterer of Lee & Associates.
In an Anaheim deal, a 9.9k sf industrial facility at 2851 E. White Star Ave, north of La Palma Ave, traded for $1.8 mil ($182/sf). The property features more than 1.8k sf of office space and excellent access to the 91 and 57 freeways. DAUM’s Migliori, along with Dan Berkenfield of Voit Commercial Brokerage, handled negotiations for the seller. Migliori also repped the buyer, SK Investment Group.
Also in Anaheim, a limited liability company acquired Broadway Medical Center, a 14.4k sf medical office building, for $2.72 mil ($189/sf). The property, located at 1661-1673 West Broadway, east of Euclid St and south of I-5, has below market rents and month to month tenancy. The investment consists of two contiguous parcels over a combined 1.5 acres. Paul Bitonti and Peter Deltondo of Marcus & Millichap represented the buyer and the seller, an unnamed partnership.
And in a land buy from a couple of months ago, Orange Medical Plaza picked up .41 acres of land at 396 South Main St, across from St. Joseph Hospital, near the 5, 22 and 57 freeways. Keith Green and David Atkinson of DAUM Commercial represented the seller, Robert J. MacArthur, while RealRidge Investments repped the buyer. The price was not disclosed.
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