GARDEN GROVE, CA-Burke Real Estate Group has acquired the 37,842-sf Orangewood Office Building, financing it with a $7.9-million loan arranged by Wrightwood Capital to cover the acquisition costs and conversion of the building to office condominiums. The property is a two-story steel frame building at 7077 Orangewood Ave. that was constructed in 1981 and was renovated in 1990.
Santa Ana-based Burke bought the asset from Brumar Inc. of Irvine, which had owned it for two years, in a transaction that was brokered by Jeff Hanson and Ryan Gallagher of the Newport Beach office of Grubb & Ellis. Hanson and Gallagher represented both the buyer and the seller.
Gallagher tells GlobeSt.com that the multi-tenant building appealed to the buyer for a number of reasons, including a good location and the continuing demand for office space in Orange County. Wrightwood calls it "a well-located, highly functional building that appeals to a broad range of users."
Gallagher points out that the Hanson-Gallagher team has sold quite a few office buildings in recent years for conversion into condominiums, which remains a strong market in the county. "We showed it to the buyer with that in mind, and they liked the idea," he says.
Burke Real Estate Group specializes in the acquisition, development and operation of commercial and industrial real estate in Southern California. The deal is the sixth project that Burke has financed through Chicago-based Wrightwood, which provides bridge and construction loans, mezzanine loans, equity and other financial products.
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