Steve Economos of NAI Capital tells GlobeSt.com that the buildings attracted strong investor interest and multiple offers, mainly private investment groups, including a number that are quite prominent in the industry. Economos was part of an NAI Capital team from the company's Newport Beach office who represented the seller. Others on the team included George Economos, Geoff DeWolf and Matt Moore.

The portfolio was 95% occupied at the time of the sale. The two Mission Viejo buildings, at 27281 and 27285 Las Ramblas, were constructed in 1982. The Aliso Viejo building, at 95 Argonaut was built in 1990.

According to Steve Economos, the new owner should be able to generate upside in the buildings as leases roll over in an Orange County office market where rents have been rising. The buyer was a private investor based in Southern California who was represented by David Smith and Adam Wicker of Lee & Associates.

The latest market survey from NAI Capital points out that South Orange County commands some of the highest office rents in the region and "has emerged in recent years to be one of preeminent office locations in the Los Angeles Basin." Net absorption in South Orange County in 2006 totaled 255,800 sf, down from the exceptionally strong 2.6 million sf of 2005, a change that NAI's report called "a natural adjustment to the above-average levels of net absorption in 2005.