The buyer, Garden Grove-based investment group the Abbey Co., and the seller, Orange-based BHH Properties LLC, were represented by Jeff Read and Kevin Shannon of Grubb & Ellis. Read works out of Grubb & Ellis' Anaheim office, while Shannon is based in the firm's South Bay quarters.
There is an ample supply of available office product in the county and additional projects are expected to flood the market in upcoming months. In the second quarter of 2001, nearly two and a half million sf of product was under construction.
The total amount of available office space in the county jumped from 15.68% in the first quarter of 2001 to 16.51% in the second. However, net absorption has picked up a bit, as the county experienced 110,278 sf of positive net absorption for second quarter 2001.
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