ORANGE, CA-Voit Real Estate Services has sold its 9,343-square-foot office building at 3500 W. Orangewood Ave. here to Air Conditioning and Refrigeration Industry Building Corp. for an amount undisclosed to GlobeSt.com. AIR will relocate immediately from its current office building in Anaheim.
The property, located next to the 500 Orange Tower high-rise and Angel Stadium, is a one-story, free-standing building located at the center of the I-5, 57 and 22 freeways. Previously converted by Voit from a Japanese restaurant to an office space, it offers an above-standard parking ratio of 10 spaces per thousand square feet.
Anaheim Regional Transportation Center, the 67,000-square-foot transportation hub proposed by the City of Anaheim, will be less than a mile away from the building. Also nearby are Honda Center, UCI Medical Center, Outlets of Orange, Hilton Suites and 24-Hour Fitness.
Tom Abel, first VP with CBRE, represented the buyer in the sale. “AIR was attracted to the quality of this building, the efficient floor plan and the amenities in the immediate area surrounding the new office,” said Abel in a prepared statement. “Its proximity to the freeways, train station, restaurants and retail centers, and the future location of ARTIC make this an ideal location.”
AIR is listing its current building for sale, located at 1380 S. Sanderson Ave. in Anaheim. Abel and Gary Stache of CBRE have been selected exclusively to represent the firm in marketing the property.
As GlobeSt.com reported earlier this month, office rent growth in Orange County makes a colorful patchwork quilt on Jones Lang LaSalle‘s heat map, which targets asking rent growth in the sector over the past 12 months. The market is extremely submarket specific, with vacancies declining within pockets of space; stronger areas like Mission Viejo have the best freeway access, and class-A product is seeing high demand, Jeff Ingham, JLL’s senior managing director, tells GlobeSt.com