George Economos and Steve Economos, both of the Newport Beach office of NAI, represented both sides in the transaction. The NAI brokers report that the property is a brick and black glass building that the buyers acquired as an investment. The building was part of a three-building group of office properties that is situated across from the Laguna Niguel post office near Niguel Road.
A tenant recently vacated approximately 14,000 sf of the building and relocated into larger space in an adjacent building, which was bought through NAI Capital Commercial last year.
George Economos says the available space in the building at 30012 Ivy Glenn Drive will be quickly absorbed as Laguna Niguel has a very low vacancy rate for office space, under 4%.
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