The buyer, Sander, Collins & Rehaste LLC, has paid $1.2 million for the building. It is located at 5316 E. Chapman Ave.
Sander, Collins & Rehaste LLC was represented by Wally Courtney of Paul Kott Realtors. Jim Oliver and Douglas Garrett of Lee & Associate -- Orange Inc. acted on behalf of the seller, Hughes, Horwitz & Sullivan.
The transaction follows on the heels of an office deal in Santa Ana, in which Professional Real Estate Services purchased a 33,335-sf, garden-style building. The facility, which stands at 801 Parkcenter Dr., is currently 95% occupied. TMP Parkcenter Ltd. sold the two-story building and plans to lease back a portion of the facility.
Office deals in Orange County continue to be scarce, as the glut of office space that floods the region is expected to cause deterioration in market conditions in the months ahead. A recently released report by Marcus & Millichap Real Estate Investment Brokerage Co., says that the excess space will push the vacancy rate up and pull rents down. The average vacancy rate is expected to increase to 19% over the next 12 months, according to Marcus & Millichap researchers. Meanwhile, the average rent is expected to decline by 5% during 2002.
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