Jeff Carr of the Newport Beach office of CB Richard Ellis Inc. tells GlobeSt.com that the property at 20 Morgan was built in 1985. Morgan represented the seller of the building, while Tony Gleason of Voit Commercial Brokerage represented the buyer.
The two-story, concrete tilt-up building was 100% occupied at the time of the sale, according to Carr. The seller also was the developer of the property.
Carr tells GlobeSt.com that the deal includes a three-month leaseback to the current tenant, who is making plans to move to another leased site elsewhere in Orange County. The buyer will occupy the building as an owner-user. Buyer 20 Morgan Investment is an engineering group and was in a 1031 Exchange.
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