COSTA MESA, CA—CBRE has completed the sale of a 180,000-square-foot office campus located at 3333 South Susan Street in Costa Mesa to Steelwave and Goldman Sachs for $48 million.

Building C, the largest building in the three-building, class A, two-story office campus, will continue to be occupied by Emulex Corporation.  The remaining two vacant buildings total approximately 84,000 square feet and will be repositioned, along with the remainder of the campus to be one of the premier progressive office campuses in the Greater Airport Area.

CBRE first vice president Paul Jones, along with vice chairman Kevin Shannon, EVP Gary Stache, first VIP Anthony Delorenzo and senior associate Blake Bokosky represented the seller, Emulex Corporation.

“This excess corporate campus is a value-add investment that will be repositioned as a premier creative campus for Orange County,” said Jones. “It is located in the Greater Airport Area submarket, directly next door to the future repositioned LA Tribune site, where there is a high demand for creative office space and features one of the lowest vacancy rates in Southern California at 9.7%.

“Creative office product continues to garner tremendous attention from tenants at premium rents compared to traditional office, but also continues to be added to the shopping list of more and more institutional core funds. Most core funds have a dearth of this product type and have come to recognize the ongoing inherent value and demand for this product,” said Shannon.

Situated on 14.24 acres, the campus features a 656-space surface parking and 3.2 net acres for future development. It is located near numerous amenities, including South Coast Plaza, SoCO/OC Mix, Metro Pointe at South Coast and Segerstrom Center for the Arts, with access to the 405, 55, and 73 freeways.

SteelWave is a full-service commercial, residential and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 43 years. It currently opetates in six key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas.