Office Portfolio Fetches $39M

The 292,223-sf portfolio includes the five-building Cypress Pointe Office Park at 5785, 5796, 5816, 5836 and 5856 Corporate Avenue and the single-building Cypress Corporate Plaza located at 10805 Holder St.

Pekarcik says Newport Federal sought the deal because the property fits well into the Newport investment strategy, which is to acquire buildings in growing markets. The buildings in the newly acquired Newport portfolio are 96% leased to strong credit tenants, he notes, including the State of California, Rockwell, Focus Technologies, NEC Business Solutions, Olympus America and Mitsubishi Motors Sales. Mitsubishi occupies nearly 60% of the Cypress Corporate Plaza building at 10805 Holder St.

Pekarcik and Dan Vittone of Voit's Irvine office, along with Rob Mitchell of Voit's Anaheim Metro office, represented Newport Federal. IRP Muller Associates, a partnership of the Laguna Hills-based Muller Co. and the Los Angeles office of ING Capital Advisors, represented itself.

Vittone tells GlobeSt.com that the buildings in the Cypress portfolio were completed from 1988 through 1990 and are concrete tilt-up construction. The Corporate Avenue buildings are two-story designs and elevator-served while the Cypress Corporate Plaza building is three stories, with an elevator.

The purchase of the office portfolio is the latest of a number of Orange County deals in recent months by Newport Federal, which sold a 39,929-sf garden-style office development in Santa Ana late last year at about the same time it sold a 37,263-sf office building in Anaheim to the Los Angeles-based Air Conditioning and Refrigeration Industry Pension Fund to operate as a trade school.