Rob Mitchell of Voit's Anaheim Metro office says Newport Federal purchased the building to satisfy a 1031 Exchange requirement. The property is situated at 5101 through 5109 La Palma Ave. in a high-traffic area of East Anaheim. It consists of one 23,586-sf, multi-tenant office building and three R&D buildings ranging from 35,642 sf to 53,986 sf.
Mitchell and Mike Bouma of Voit's Anaheim Metro office, along with Alan Pekarcik of Voit's Irvine office, represented Newport Federal. Kilroy Realty was represented by in-house broker Joe Hanen. The park, built in 1985, was 85% leased at the time of the sale. Kilroy had owned the property since 1997.
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