Scruggs tells GlobeSt.com that the two-story office building was about 96% occupied at the time of the sale. The buyer exchanged into the office project after the sale of a retail property.
The property attracted interest from multiple California-based prospective buyers, according to Scruggs. He tells GlobeSt.com that the interested investors included a number of other 1031 exchange buyers. With its high occupancy, the Slater Office Building represents a stabilized buy-and-hold investment for the new owner.
The latest report on the 94-million-sf Orange County office market from CBRE shows that demand "remained healthy in the fourth quarter," with average asking rates per sf per month increasing by eight cents to reach $2.46. That represented an increase of 14% from the rate at the end of 2005.
Brokers from the Newport Beach office of CBRE also represented the seller of a 17,832-sf retail center anchored by Wendy's and Dunn-Edwards Paints in Long Beach, which sold for $7.5 million. The seller was the Newport Beach-based Bixby Land Co., which was represented by a CBRE team composed of Phil Voorhees, Patrick Toomey, Megan Wood and Holly Hamilton. The buyer was the Walgreen Co.
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