SANTA ANA, CA-Triple Net Properties has sold its 210,000-sf office building at 4 Hutton Centre in the South Coast Metro submarket to Legacy Partners Commercial Inc., according to chief investment officer Jeff Hanson. The tenant-in-common sponsor had owned the 10-story office building for slightly more than two years.

The class A 4 Hutton property is leased to 18 tenants, including Stearns (formerly First Pacific Financial), Carter Burgess, Borland Software and LandAmerica. The property includes a six-story adjacent parking garage and is close proximity to 2 Hutton Centre, a retail complex that houses a mix of restaurants and other shops and service businesses.

Although terms of the sale were not disclosed, real estate sources estimate the price at nearly $65 million. Triple Net acquired the 4 Hutton property from CB Richard Ellis Investors in January 2005, and at the time GlobeSt.com reported that it was a $53.3-million acquisition. Triple Net later refinanced the property in a $32.2-million deal, according to another GlobeSt.com report.

In the sale to Legacy Partners, both Triple Net and Legacy were represented by Bob Smith, Michael Kane and Karen Scholte of the Newport Beach office of CB Richard Ellis. Smith also was one of the brokers representing the seller when Triple Net acquired the property in 2005. Legacy Partners, which is based in the Northern California community of Foster City, also maintains an office in Irvine.

The 4 Hutton Centre building is part of a larger mixed-use office, dining, retail and hotel district. Its South Coast Metro location is considered one of the prime locations in Orange County for its proximity to the John Wayne Airport, the South Coast Plaza shopping center and other amenities.