In the $12.9 million off-market deal, Phil Cohen of the Irvineoffice of Lee & Associates reports that the Jack MarkovitzTrust bought a 44,123-sf office building called Red Hill CorporatePlaza at 15501 Red Hill Ave. in Tustin. Cohen, who represented boththe buyer and the seller, John R. Saunders of Red Hill LLC, reportsthat the deal traded at a 7% cap rate and that the buyer acquiredthe property in a 1031 exchange for cash flow purposes.

"In today's economy, this was a good investment for the buyerbecause of the good cap rate, and a very attractive loan that wasassumed as part of the transaction," Cohen notes. The 44,123-sfoffice building was built in 1984 and is the headquarters ofOncotech, a company that provides molecular oncology testingservices to more than 1,000 hospitals throughout the US and Europe.The company also assists doctors in the care and management oftheir cancer patients.

[IMGCAP(2)]In another transaction also on Red Hill Avenue,senior vice president Mike Hartel of the Irvine office of VoitCommercial Brokerage reports that a group of private investorscalled 15771 Red Hill LLC has acquired a 79,756-sf industrialproperty at 15771 Red Hill Ave. from SK Red Hill Properties LLC for$12 million. Hartel, who represented the buyer, says that "acompelling financing package" was one of the reasons that the dealwent through despite the uncertain capital markets environment.Thanks to the investor's close relationship with his lender, Bankof America, and "the hard work of its representatives, Jason Pakand Melanie Smith," Hartel says, "the lender was able to provide acompelling financing package to motivate the buyer to continue withthis transaction."