"We had just put the building on the market when a broker called us with an offer," George Economos tells GlobeSt.com. He says that the buyer, RSM Properties, needed the quick close because RSM was approaching a 1031 deadline.
RSM's newly acquired asset is a multi-tenant office building at 2000 E. Fourth St. that was 95.2% occupied at the time of the sale. The seller was Collins Pasadena Properties.
Built in 1983, the three-story steel frame and glass elevator-served building is in the heart of the Park Center office district of Santa Ana, near the interchange of the 5 and 55 freeways, one of the city's most popular and premier office districts. The buyer was one of a number of investors who were interested in the property, which is 16% occupied by Citizens Business Bank and features building-top signage for the bank.
RSM, which paid $6.9 million for the office building, was represented by Investors Trust Realty Group. Most of the prospective buyers were Southern California-based groups and individuals, according to George Economos, who notes that properties with such a high percentage of occupancy these days typically attract a number of exchange buyers.
"When a building is 95% full like that, we're usually getting trade [exchange] buyers right now," Economos says. "The vast majority of the buyers are from Southern California."
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