The Newport Beach-based company, which both develops and invests in commercial real estate, has paid $3.6 million for the facility. Located at 1290 N. Hancock St., the two-story building is currently 93% leased. Tenants mainly consist of service-related companies, including engineering and design firms.

The seller, Leaverton-Rowland Associates, was represented by Mark Larson, Gary Stache and Tom Able of CB Richard Ellis. Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage's Irvine office acted on behalf of WLA Investments.

The Anaheim acquisition marks the newest addition to WLA Investments' $200-million portfolio. Founded in 1974 as Warren Lortie Associates, the company was started as an architectural and planning consultant firm. However, in 1988 the company began to focus on acquiring investment grade income properties. WLA Investments is currently seeking property that has the potential to experience rapid or extreme value increases during typical real estate economic cycles. In this capacity, secondary markets and "B" quality projects in suburban locations are targeted because of their growth and renovation potential.

The company also focuses on property that is too large to be attained by individuals or small group investors, but too small for institutional buyers. By employing this strategy, the firm hopes to avoid artificially high prices prevalent during acquisition phases of the market cycle.