Dave Smith and Adam Wicker of the Newport Beach office of Grubb & Ellis, listing agents for the development at Santa Margarita Parkway and Avenida Empresa, say the buyers included Foremost Business Park, which acquired two of the buildings, and a local owner-user who bought one. Smith and Wicker, along with Jeff Hanson and Ryan Gallagher of the Grubb & Ellis Newport Beach office, represented the seller, Los Angeles-based Investment Development Services.
The 125,000-sf project includes medical and office buildings ranging in size from 4,605 sf to 14,906 sf. The two buildings purchased by Foremost Business Parks are a 12,984-sf building at 29801 Santa Margarita Parkway and a 12,948-sf facility at 29883 Santa Margarita Parkway. The owner-user acquired a 12,993-sf building at 29809 Santa Margarita Parkway. Of the project's 14 buildings, 10 have been sold, one is escrow, and three are still available, according to Smith. The unsold buildings are 12,977 sf, 12,968 sf and 14,096 sf.
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