Brokers from CB Richard Ellis and Voit Commercial Brokerage report that the Layton-Belling and AEW partnership sold the nine-story, 158,006-sf office tower to C.M. Capital Corp., a San Jose-based firm.

The sellers were represented by Robert Smith and Michael Kane of the Newport Beach office of CB Richard Ellis, along with John Weiner of the CBRE Irvine office. The buyer was represented by Alan Pekarcik and Dan Vittone of Voit's Irvine office and Rob Mitchell of Voit's Anaheim Metro office.

Kane tells GlobeSt.com that the property is one of the best-known and most visible landmark buildings in Orange County. "It's of the highest quality and the best location at the airport, right on MacArthur Boulevard," he says. "Anybody who lands at the airport sees it, and it's the first building you see when you are coming out of the airport."

The Class A office building, which is situated directly across the street from the John Wayne Airport at the intersection of MacArthur Boulevard and Campus Drive, was 95% occupied at the time of the sale. No information was available on the sales price or the asking price for the asset, but the highest-quality office buildings in the area are known to be selling for $260 to $270 per sf. To achieve those prices, buildings must have good rent rolls without a high percentage of lease rollovers in the near-term.

The 19000 MacArthur building was built in 1982. The Layton-Belling and AEW partnership renovated the property extensively in 1999 and 2000, garnering a Building of the Year award from the Building Owners and Managers Association. Tenants at the tower include Qwest Communications, Broadcom Corp., REMC Enterprises and the W. Brown & Associates insurance firm.

Newport Beach-based Layton-Belling & Associates, founded by Phil Belling and Steve Layton in 1991, owns office and industrial buildings throughout Southern California.

C.M. Capital Corp. is a private investment and advisory services company. It was founded in 1969 as a real estate investment company and--through various subsidiaries--holds prime developed real estate in the San Francisco Bay Area. It also provides advisory and management services covering a wide range of financial asset classes, having been an early venture capital investor.

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Layton-Belling Sells 19000 MacArthur Asset

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