Nine months after acquiring Turner Alton Business Center in Irvine, California, Turner Development Corporation has subdivided the nine-building property into 24 units, refurbished the business park and sold all of the available inventory.

In the three recent sales, a private investor acquired a 10,000-sf building at the park for $1.4 million, a web design company called U.S. Modular bought a 4,000-sf building for $600,000, and a sign company called Graffiti acquired one of the buildings for $900,000.

Turner sold all of the available inventory sooner than expected, says Rusty Turner, president of the development firm. Several of the existing tenants, who had been renters in the business park, were "delighted" to purchase their space, he says.

The units, which were initially developed in 1985, were purchased by current tenants, new owner-users and several investors who purchased triple-net leased condos. Turner has retained several of the buildings for himself as longer-term investments. Tim Walker and Sam Olmstead of Voit Commercial Brokerage's Irvine office were the listing agents for the project. Christy Clow of Turner Development Corp. oversaw the entitlement process and supervised the new landscaping, interior and exterior painting, parking lot re-slurry, and the addition of updated building and project signage.

At the time Turner acquired the then-nine-building project last year, GlobeSt.com reported that the acquisition price was undisclosed, but public filings by the seller, Kilroy Realty Inc., indicated it sold the property for $13.6 million. The decision to turn the buildings into condominiums was based on the continuing strong demand for small industrial, R&D and multi-tenant buildings for sale in South Orange County.