NEWPORT BEACH, CA-Comac, an aerospace firm based in Shanghai, China, has purchased 4350 Von Karman Ave., a 68,425-square-foot office building here, from MIG Real Estate LLC for $19.85 million. The four-story building is 78% leased to several prominent companies including LNR, Public Agency Retirement Services and iStar Financial.

Jones Lang LaSalle's Orange County team members Steve Economos, Geoff DeWolf and Andy White represented the seller, while the buyer was represented by Anita Jer of Garry Jer & Assoc. “Comac wanted to be located in a building with a Newport Beach address,” says Economos. “Recently, there has been an increase in investors looking for Orange County office buildings. Foreign buyers are currently one of the most active groups in the market.”

The property is located minutes form the 405 and 55 freeways, providing convenient access to neighboring Southern California communities.

As GlobeSt.com reported in June, foreign investors are noting “very attractive cap rates compared to what we see globally,” said Paige Mueller, managing director for RCLCO, during ALM's RealShare Investment & Finance conference in San Diego. “There's a lot of construction happening in high-growth emerging markets.” Frederick Gortner, managing director of Paladin Realty, added, “There's great growth in value-add for all foreign investors.” Stephan Kachani, VP of Lone Oak Fund, said we are seeing a lot more investment from Russia and Asia, and Qiu said that mainland China has become one of our most prominent investing countries.