Mike Austin of the Irvine office of Sperry Van Ness, who represented the buyer, says that Laguna Niguel-based Ferrucci Properties acquired the 48,015-sf office center from Laguna Woods-based Highpoint Town Center LLC. Highpoint, which had owned the property since soon after it was developed in 2000, represented itself.

The center is at 24361 El Toro Rd. and was 100% leased at the time of the sale. It represents what Austin describes as a rare investment opportunity in light of the strong demand for such well-leased office properties and the relative lack of such properties on the market. It is unusual to find a deal on the market in South Orange County that is new construction and fully leased in a market where the average office vacancy rate is approximately 15%, Austin notes.

He says Ferrucci Properties, which bought the development in a 1031 exchange after selling an industrial property in Los Angeles, was attracted by Town Center Courtyard's location, its small marketable suite sizes, its quality architectural style, its top-notch construction and the center's 100% occupancy. The transaction closed at a cap rate of 8%, which Austin describes as excellent for the type of building it is, for the rare infill location and for the development's roster of tenants.

The El Toro Road location of the two-story, Spanish style office center is near Moulton Parkway, at one of South Orange County's busiest intersections. It is also directly across from a new retail center including a Home Depot, a Staples, and a Starbucks.

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