IRVINE, CA-Menlo Equities LLC has acquired the five-story, class A Cartwright Corporate Center office building from a joint venture of Boston and New York-based Winthrop Realty Trust and New York City-based Lexington Corporate Properties Trust called Sunset Park Business Trust for $20 million. The building is situated on 7.33 acres at 17770 Cartwright Rd. on one of the largest single parcels in the Airport Area office submarket, notes Jeff Cole, executive director with the Orange County Cushman & Wakefield Capital Markets Group.

Cole was part of a Cushman & Wakefield team including Ed Hernandez and Lars Platt of the Cushman company's Orange County office, and Janine Padia of JP Realty Services, who represented both the buyer and the seller of the property. Buyer Menlo Equities is a commercial real estate firm that operates from offices in Newport Beach and three other California locations.

Cole says that the investment appeal of the property included its prime visibility at a corner location on Main Street between Jamboree Road and Von Karman Avenue. It also offers availability of excess land for future development and additional parking, along with its building-top signage for top-floor tenants. A recent uptick in leasing activity also helped to enhance its marketability and produce a quick sale, Cole said.

The building is nearly 70% leased to tenants including Grupo SMS, Advanstar Communications and Verify. The building offers parking at the ratio of four spaces per 1,000 square feet, along with the potential to provide additional parking or new future development.