ORANGE, CA—The Abbey Co. has sold theCity Parkway Collection, a two-building, class-Aoffice portfolio at 500 and 600 CityParkway West here, to Greenlaw Partnersfor approximately $45.5 million. The 269,395-square-foot portfoliois roughly 83% occupied by a mix of national and regionallyrecognized tenants across a wide range of industries.

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Kevin Shannon, Ken White, Scott Schumacher, Bob Smith,Paul Jones and Blake Bokosky ofCBRE's institutional properties group, as well asGary Stache, Pat Scruggs and AnthonyDeLorenzo of CBRE's investment properties group,represented the seller in the transaction. Information about whorepresented the buyer was not readily available.

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The office project sits on 7.85 acres of land and consists of afour-story office building developed in 1978 and renovated in 2002,as well as a10-story office building developed in 1978 andrenovated in 2002. According to Smith, “The portfolio will continueto benefit from its location and improving marketfundamentals.”

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The asset is in immediate proximity to the Outlets ofOrange, formerly the Block of Orange,which boasts more than 120 stores/services, 30restaurants and a movie theater. It's also nearthe I-5, 22 and 57 freeways and approximately 11 miles from theJohn Wayne Airport.

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“The Abbey Co. purchased the project at an attractive basissignificantly below replacement cost and peak pricing,” says Jones.“Ownership was able to reposition and lease-up theproject over the past couple of years, as the Central Orange Countymarket fundamentals continue to improve.”

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The transaction represents Greenlaw's second major local officeacquisition in the past 12 months after thepurchase of the Orange City Plaza here last year. The firm paidapproximately $56 million for the approximately 362,000-square-footoffice high-rise less than a quarter mile from the City ParkwayCollection.

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Greenlaw has also been active in the Southwest. As GlobeSt.comreported in May, the firm and the BroeGroup selected the Phoenix office ofJLL to market a 90,000-square-foot officeproject in Tempe where the demand for high density space spurreddemolition of a portion of the complex in exchange for a higherparking ratio.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.