The transaction represents the final sale in a $32-million overall breakup strategy that took 12 months to complete, according to Grubb & Ellis agents who brokered the deal. The buyer and the seller were represented by Jeff Hanson, Ryan Gallagher, Bob Davis and Greg Puccinelli of the Newport Beach office of Grubb & Ellis.

The original assignment consisted of the disposition of nine separately parceled office buildings ranging from 12,000 sf to 23,000 sf and totaling 156,000 sf. The five buildings in Phase II of the project were sold to individual exchange buyers. The four buildings in Phase I have a condo map in place and individual suites were being sold to owner users.

Essex purchased the remaining 56 condo units in Phase I in bulk from Commercial Ventures and intends to continue selling the units to owner-users. The units are expected to sell for $245 to $275 per sf.

In another deal brokered by Grubb & Ellis, a Los Angeles-based private investor purchased a 36,182-sf office building at 10 Corporate Park in Irvine for $8 million. The three-story, steel-framed building is part of Corporate Park, a master-planned commercial development. The asset was sold by McMorgan Institutional Real Estate Fund I LLC of San Francisco.

Michelle Schierberl of Grubb & Ellis' Newport Beach office represented the buyer. The seller was represented by Jon Nesbitt, Bob Griffith and Tom West of Grubb & Ellis' Newport Beach office. The property is 100% leased with no significant lease rollover for several years.

Instant Insights /

Essex Property Pays $10M at Creekside

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