A 79,528-square-foot office building near the Brea Mall sold recently for $19.5 million, according to CBRE.
The brokerage, which represented the seller, did not identify either party in the transaction.
The Class A building at 120 South State College Blvd. is leased to six tenants, including the county, CareFusion, Whittier Filtration, HdL Cos. and Yellow Box Corp.
CBRE noted the building, completed in 1985, was renovated in 2015. It sits on 2.3 acres inside Brea Place.
“This offering presented a fantastic opportunity to acquire a well-leased, secure, low-rise office building in one of the strongest investment markets in the nation,” said Anthony DeLorenzo, a vice chairman at CBRE. “The property’s strong tenant roster and long weighted average lease term provide new ownership with significant security and minimal rollover risk.”
Starbucks-anchored center lands $9.2 million south OC
Almost as fast as you can order a custom Frappuccino at the ubiquitous coffee shop, Rancho Ortega Plaza traded hands in San Juan Capistrano.
The two-story, 23,122-square-foot strip center anchored by Starbucks sold for $9.2 million to a 1031 exchange buyer in a seven-day escrow.
Hanley Investment Group Real Estate Advisors represented the unidentified seller. The unidentified Los Angeles buyer was represented by Asarch Commercial Endeavors in Valencia.
“This was a rare South Orange County Starbucks-anchored strip center,” said Kevin Fryman, a vice president at HIG. “We generated an offer from a private 1031 buyer within one day of launching marketing and closed escrow within 30 days, including a two-day due diligence period. We structured seller financing to support the expedited closing timeline.”
HIG said Rancho Ortega Plaza, built in 2001, was 89% occupied at the time of the sale.
48-year-old 7-Eleven property sells for $5.2 million
A 3,651-square-foot 7-Eleven property completed in 1975 in Newport Beach sold for $5.24 million, according to SRS Real Estate Partners.
The property at 1920 W Balboa Blvd. on Balboa Peninsula is just south of Pacific Coast Highway. The convenience store has been at the site for more than 48 years.
SRS Capital Markets Vice President Kevin Held represented the seller, a California-based family trust. The buyer was not identified.
“This was a rare opportunity for an investor to own a property occupied by a high-credit, long-term tenant in one of the top beach city locations in the nation. This area has extremely high barriers to entry for retailers and rarely any triple-net retail for sale,” said Held. “This high-profile asset provides a stable, passive, cash-flowing income for the new ownership.”
Dermody completes LogistiCenter in Irvine
Dermody has wrapped up work on its two-building LogistiCenter campus in Irvine.
The first building completed was LogistiCenter at Irvine II, a 91,600-square-foot facility leased earlier this year to Hyundai America, according to CBRE. Terms of the lease were not disclosed by Dermody.
CBRE said the automaker plans to use the facility for its Hyundai America Technical Center, a research and development division.
The recently completed LogistiCenter at Irvine I is the bigger of the two Class A facilities at 133,320 square feet. It includes 10,000 square feet in office space with a ground floor and mezzanine. It’s available for lease and being marketed by CBRE.
CBRE also represented Reno-based Dermody in leasing Irvine II. JLL represented Hyundai.
Aerospace firm leaes in Orange
A 51,998-square-foot industrial property at 2390 N. American Way in Orange recently leased to Pacific Aerodynamic Inc., an aerospace component maker.
The landlord, Rexford Industrial, signed a 62-month term starting Oct. 1 with Pacific Aerodynamic worth $5.27 million.
Lee & Associates in Orange represented the leasee. The brokerage noted that the lease includes options to extend. Daum represented Rexford.
Milestones
Steve Kalmbach is the new chief operating officer at Trumark. He will be based in the company’s Newport Beach offices. The COO position is new to Newmark. Kalmbach started Oct. 27 and will lead oversight of merger and acquistions and operations for the company’s four divisions in Northern, Central and Southern California and Colorado. Previously, Kalmbach spent 18 years as Northern California division president for PulteGroup.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.