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August 12, 2020
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Investor Exchanges into OC Office Property


In a recent Orange County office sales comp, a 1031 exchange investor paid $8.675 mil for a 43.8k sf ($198/sf) multi-tenant building in the city of Brea. Built in 1988 as a single-tenant, build-to-suit, the two-story asset underwent a complete renovation and conversion to multi-tenant use in 1997.

The property is situated on approximately 2.4 acres at 330 E. Lambert Rd, just west of the 57 Fwy. It is 100% occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp.

Tim Walker and Steve Heimuli of Lee & Associates, along with Alan Pekarcik and Chris Smith of Avison Young, represented the seller, Brea Metro LLC. The buyer, Miller Brothers Eureka Road One LLC, was repped by Colliers International.

“This high-quality property was attractive to the buyer, as it has had consistently strong occupancy and is well-located in a densely populated north Orange County location near the 57 freeway,” said Pekarcik. “The property also offers easy access to major retail and entertainment centers, including the Brea Mall, Brea Downtown and Gateway Center, providing an amenity-rich professional business environment.”

With a population of approximately 41,000 people and thriving retail and office sectors, Brea borders Los Angeles County. The city is located about 32 miles from downtown Los Angeles, 19 miles from John Wayne Airport and 40 miles from the Los Angeles International Airport.

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