Office Park Fetches $23M

Jeff Hanson and Ryan Gallagher of the Newport Beach office of Grubb & Ellis explain that the 156,854-sf park at 2900 Bristol St. consists of nine freestanding buildings on separate parcels. Hanson and Gallagher represented the buyer and the seller. They say Commercial Ventures plans to break up the property and sell full buildings of 12,566 to 18,077 sf and individual office suites of 1,000 sf and larger.

The four buildings in Phase I of the project comprise approximately 50 individual office suites that will be sold to owner-users. The five buildings in Phase II will be sold individually to owner-users and investors. Hanson and Gallagher have been named to market the properties for Commercial Ventures, along with Bob Davis, Scott Johnstone and Gregg Puccinelli of Grubb & Ellis' Newport Beach office.