BREA, CA—Los Angeles-based Palisades Capital RealtyAdvisors has purchased a 121,143-square-footoffice building at 2929 E. ImperialHwy. here from Rialto Capital and theKoll Co. for $21 million. The property, which wascompleted in 1985 and renovated in 2013, is 100% leased to severalhigh-profile companies including Zodiak InflightInnovations and UnderwritersLaboratories.

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JLL's capital markets managing directorBob Prendergast and VP BakerMorphy led the JLL team in representing the seller.GlobeSt.com has learned that the buyer represented itself in thetransaction.

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The stabilized asset, prominently situated on a 5.57-acre parcelat the northwest corner of Saturn St. and Imperial Hwy., offerstenants a wide variety of dining, shopping and serviceretail within walking distance. According toPrendergast, “We continue to see an uptick in investor interest forstabilized office assets in Orange County and throughout SouthernCalifornia. Investor competition will continue to be heated, withvery few properties expected to come to market in the next severalmonths.”

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Morphy adds, “The Orange County office market continues tostrengthen with average asking rents continuing to climb. OrangeCounty remains a highly desirable place to live and work, which ishelping to cultivate its highly diversified and talent-filledeconomy.”

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As GlobeSt.com reported earlier this week in aninterview with Jeff Ingham, senior managingdirector at JLL, with vacancyrates decreasing and rental ratesincreasing, the question of whether the region is becoming alandlord's market once again is raised. However, Ingham told us hedoesn't believe the county is truly a landlord's market because itdoesn't have all the earmarks of one.

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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.