Newport Federal Buys $20M Office Building

According to Rob Mitchell of Voit Commercial Brokerage's Anaheim Metro office, who was part of a Voit team that brokered the transaction, Greenlaw Partners will handle development services for the projectand Signature Services, a division of Newport Beach-based Newport Federal, will handle the asset and property management. The property, located at 2099 S. State College Blvd., is composed not only the office building, which was 90% leased at the time of sale, but also includes an adjacent 3.7-acre parcel of vacant land. Along with Mitchell, Alan Pekarcik and Dan Vittone of Voit's Irvine office represented the buyers. Louis Tomaselli and Mitch Zehner of Voit's Anaheim Metro office assisted in the transaction.

The purchase was the latest in a series of significant transactions this year by Newport Federal, which has expanded its Orange County portfolio considerably with its acquisitions. Among the other deals this year was the investment firm's $37.5-million acquisition of Commerce Plaza, a 269,150-sf office complex on 16.9 acres spanning an entire Newport Beach block bordered by Westerly Place, Birch, Dove and Quail streets. Newport Federal bought that asset from the Japanese investment firm Mitsui, which had owned the 18-building business complex for approximately two years. Newport Federal's other purchases have included the $13.8-million acquisition of Anaheim Corporate Center from Los Angeles-based Kilroy Realty and the $39-million acquisition of the six-building Cypress Pointe Office Park in Cypress from IRP Muller Associates LLC of Laguna Hills for $39 million.