Buyer Plans R&D Lease-Up

Phil Cohen of CB Richard Ellis represented Saunders, with the seller, Cigna, represented by Martin Morgenstern of Cushman & Wakefield. Optima Asset Services of Newport Beach will provide asset and property management services for the new owner.The Airway Avenue property was one of five transactions reported by brokers on industrial and office sales in Orange County in recent days that included deals in Peters Canyon, Tustin and Lake Forest. The Peters Canyon transactions totaled $12 million in sales of 14 buildings at Peters Canyon Center. The CBRE team of Jon Marchiorlatti, Chris Bates, David Bolt and Cameran Lindee reports that Peters Canyon Center LLC sold the buildings at the newly constructed business park to multiple buyers who acquired approximately 71,000 sf of properties. In the Tustin transaction, Red Hill Partners LP purchased a 30,426-sf office building at 15901 Red Hill Ave. from Red Hill Investments LLC of Bellevue, WA for $5.1 million. The buyer was represented by Rick Sherburne, Alex Hayden and Travis Boyd of CBRE's Newport Beach office. Red Hill Investments LLC represented itself.In the Lake Forest deal, Double-H Properties LLC acquired a 26,110-sf office building known as Lake Forest Professional Center at 23201 Lake Center Dr., with the buyer represented by Jeff Lerch and Tim Haves of CBRE's Newport Beach office. In the other Lake Forest transaction, Valeo Cos. Inc. purchased a 6,557-sf office building at 26473 Rancho Parkway that will serve as the buyer's new corporate headquarters, with Lerch and Haves representing the buyer.