Tom Abel, of CB Richard Ellis Inc. who represented the seller, tells GlobeSt.com that the 22-year-old Pinehurst Court was 81% occupied at the time of sale. The seller had owned the two-story, concrete tilt-up structures since 1995. Abel says the buyer, who was in a 1031 Exchange, acquired the property as an investment.
Anaheim is part of an Orange County office market that showed "the beginning of a recovery in 2002," according to a recent CB Richard Ellis report, which noted that the county's net absorption reached 400,000 in the fourth quarter and nearly 900,000 for the year. Despite these positive signs, the sluggish economy took its toll, the report said, noting that average asking rents dropped 18% during the year to end at $2.04 per sf per month.
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