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SANTA ANA, CA-Triple Net Properties has sold its 210,000-sfoffice building at 4 Hutton Centre in the South Coast Metrosubmarket to Legacy Partners Commercial Inc., according to chiefinvestment officer Jeff Hanson. The tenant-in-common sponsor hadowned the 10-story office building for slightly more than twoyears.

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The class A 4 Hutton property is leased to 18 tenants, includingStearns (formerly First Pacific Financial), Carter Burgess, BorlandSoftware and LandAmerica. The property includes a six-storyadjacent parking garage and is close proximity to 2 Hutton Centre,a retail complex that houses a mix of restaurants and other shopsand service businesses.

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

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In the sale to Legacy Partners, both Triple Net and Legacy wererepresented by Bob Smith, Michael Kane and Karen Scholte of theNewport Beach office of CB Richard Ellis. Smith also was one of thebrokers representing the seller when Triple Net acquired theproperty in 2005. Legacy Partners, which is based in the NorthernCalifornia community of Foster City, also maintains an office inIrvine.

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The 4 Hutton Centre building is part of a larger mixed-useoffice, dining, retail and hotel district. Its South Coast Metrolocation is considered one of the prime locations in Orange Countyfor its proximity to the John Wayne Airport, the South Coast Plazashopping center and other amenities.

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