$18M Buys Koll Center Building

Jon Nesbitt and Bob Griffith of the Newport Beach office of Grubb & Ellis, along with Kevin Shannon of the firm's South Bay office, represented the seller. PRES represented itself. This is the second property that PRES has purchased in the Koll Center Newport complex, notes Nesbitt. He says PRES recently acquired the former Koto restaurant site, which will be redeveloped for office use.

In a $7.2 million transaction in Newport Beach, West Coast Accommodator Inc. bought a 27,588-sf office building at 4220 Von Karman Ave. from Investment Property Exchange Services. The buyer was represented by George Economos, Steve Economos and Geoff DeWolf ofNAI Capital. The buyer will be relocating from Costa Mesa and Orange and will occupy a portion of the two-story multi-tenant office building for corporate offices. The seller was represented by Scott Read of Grubb & Ellis.In an approximately $5.6 million sale of a 35,301-sf office building at 501 N. Brookhurst St. in Anaheim,a private investor acquired the property from Asset Management Consultants Inc., which was representedby the Economos-DeWolf team. The buyer purchased the three-story, multi-tenant building as an investment. The building is near the 5 Freeway and features views of the HG "Dad" Miller Golf Course. The buyer was represented by Greenwood & Sons Co.

In a third Newport Beach deal, this one valued at $3.8 million, 1811 Quail LLC bought an 11,821-sf building at 1811 Quail St. from LaCamp Partnership LLC, with the Economos-DeWolf team representing both sides of the transaction. The buyer will occupy all of the freestanding, two-story single-tenant building, which was recently refurbished.In the City of Orange, the Private Client Group of CB Richard Ellis in Newport Beach reports that CardozaInvestment Co., a private investor, partially satisfied a 1031 Exchange upleg requirement by purchasing the 35,893-sf Coronado Plaza multi-tenant office building for $2.7 million. Built in 1970, the property was 95% leased at the time of sale. Gary Stache, Patrick Toomey and Pat Scruggs of the Private Client Group, along with Tom Abel,represented the seller Coronada Plaza LLC. The seller was a partnership managed by Los Angeles-based real estate investor and syndicator Donald Lam, who owns Sunny Hills Palladium and Lam Robinson.