Stabilized Office Asset Sails for $21M
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BREA, CA—Los Angeles-based Palisades Capital Realty Advisors has purchased a 121,143-square-foot office building at 2929 E. Imperial Hwy. here from Rialto Capital and the Koll Co. for $21 million. The property, which was completed in 1985 and renovated in 2013, is 100% leased to several high-profile companies including Zodiak Inflight Innovations and Underwriters Laboratories.
JLL’s capital markets managing director Bob Prendergast and VP Baker Morphy led the JLL team in representing the seller. GlobeSt.com has learned that the buyer represented itself in the transaction.
The stabilized asset, prominently situated on a 5.57-acre parcel at the northwest corner of Saturn St. and Imperial Hwy., offers tenants a wide variety of dining, shopping and service retail within walking distance. According to Prendergast, “We continue to see an uptick in investor interest for stabilized office assets in Orange County and throughout Southern California. Investor competition will continue to be heated, with very few properties expected to come to market in the next several months.”
Morphy adds, “The Orange County office market continues to strengthen with average asking rents continuing to climb. Orange County remains a highly desirable place to live and work, which is helping to cultivate its highly diversified and talent-filled economy.”
As GlobeSt.com reported earlier this week in an interview with Jeff Ingham, senior managing director at JLL, with vacancy rates decreasing and rental rates increasing, the question of whether the region is becoming a landlord’s market once again is raised. However, Ingham told us he doesn’t believe the county is truly a landlord’s market because it doesn’t have all the earmarks of one.
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