Office Buyers Invest $21M

The Irvine buildings are at 2951 and 2955 Main St., according to Steve Economos of NAI Capital, who represented the buyer and the seller along with George Economos and Geoff DeWolf of NAI. The seller was R.D. Olson.

In the Lake Forest transaction, the Economos Group represented the buyer of a building at 25371 Commercentre Drive. The seller, NNN Pacific Corporate Park 1, was represented by Adam Wicker of Lee & Associates.

In Riverside, Riverside Community College paid $3.8 million for a 23,000-sf property at 1533 Spruce St. that is known as the Park Atlanta Building. Vindar Batoosingh and Phil Woodford of CB Richard Ellis report that the college intends to renovate the third floor and to use the building to house the chancellor's office.

Batoosingh and Woodford represented the buyer and the seller, Park Atlanta Associates, a partnership controlled by the Magnon Cos. Riverside. The three-story, red brick, class A building is known for its cascading water feature at the corner of Spruce and Atlanta streets.

Batoosingh says that renovation costs for the college will be minimal because the building has been well maintained. Also, the building is generating income from its existing tenants, so the college will be able to offset its cost of occupancy, Batoosingh points out.

Batoosingh and Woodford recently represented the Magnon Cos. in the sale of the neighboring building on the site, a 20,000-sf property known as Park Atlanta West at 1605 Spruce St. The building was sold to Active Adult II Inc., an adult day care center, for approximately $2.25 million.