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2/20/15
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Klein and Wilson, an OC-based law firm, paid $2.9 mil for a 7.3k sf ($397/sf) office building in Newport Beach. The glass and brick building is located at 4770 Von Karman, within the low-density Newport Corporate Plaza bound by Von Karman Ave, Birch St, Teller Ave and Campus Dr.
The building was sold by a joint venture led by Kearny Real Estate Company. It is one of five fee simple buildings acquired by Kearny in June 2014. That acquisition also included the ground leases under 12 additional buildings at the 172k sf business park. Kearny has since bought one of the leasehold interests. The single-story buildings range in size from 7,300 to 14,550 square feet.
“With the combination of office vacancy and rental rates in Orange County reaching pre-recession levels and interest rates, including SBA loan rates near all-time lows, purchasing a building versus leasing becomes increasingly attractive,” said Kearny Partner Hoonie S. Kang. “The user base in Orange County’s Airport submarket is comprised largely of professional service firms that require 10k sf or less but the inventory of buildings for sale at that size is very small. This is what attracted Kearny to this project, being able to offer individual, fee simple buildings for sale with a Newport Beach address.”
According to Kang, a 7.9k sf and an 8.1k sf building are currently being marketed for sale
Joe Winkelmann of Voit represented Kearny Real Estate in the transaction. Steve Economos of Jones Lang LaSalle repped Klein Wilson.
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