The transaction was brokered by Robert Griffith and Jon Nesbitt of the Newport Beach office of Grubb & Ellis, along with Kevin Shannon of the Torrance office of Grubb & Ellis. Griffith, Nesbitt and Shannon represented the buyer and the seller.
The deal was one of three recently closed office sales in Orange County that were reported by Grubb & Ellis. In the second deal, Saunders Property Co. of Newport Beach bought a 106,344-sf building at at 10833 Valley View St. in Cypress from Newport Beach-based Makar Properties for $23.4 million.
Jeff Hanson and Ryan Gallagher of the Grubb & Ellis Institutional Investment Group represented the buyer and the seller. The five-story, class A building, which was completed in 1987 and renovated in 2004, was 80% leased at the time of the sale.
In the third transaction, investment group Makoil Inc. of Lake Forest purchased a 36,675-sf class B office building at 25371 Commercentre Drive in Pacific Corporate Park from Santa Ana-based Triple Net Properties for $7.3 million.
The two-story, concrete tilt-up building was built in 1999. The sale represents the third of a three-building disposition assignment totaling $18 million.
The seller was represented by Hanson, Gallagher, along with Adam Wicker and Dave Smith of Lee & Associates. George Economos of NAI Capital represented the buyer.
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