Gary Stache, Pat Scruggs and Mark Larson, all with the Private Client Group, along with Jeff Carr and Greg Haly of CB Richard Ellis Inc.'s Newport Beach office, represented both the buyer and the seller.
Carr tells GlobeSt.com that the seller had owned the building since September, buying it in a deal that was brokered by CBRE. The CB brokers then found a tenant to fill the building and marketed it as a leased investment on behalf of the seller. The tenant is Me & My Big Ideas, a company that markets decorative scrapbook supplies.
The class B flex building, constructed in 2000, was 100% occupied at the time of the sale. It is a two-story, concrete tilt-up facility, with 8,000 sf of mezzanine office space. It is part of the 300-acre Baker Ranch Business Park.
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