Dan Vittone, senior vice president in the Irvine office of Voit Real Estate Services' brokerage division, says that factors that made the deal appealing to the buyer, who was undisclosed, was that the building is occupied by "solid government-related tenants" and the property was available at a low price per square foot. The buyer was able to close on transaction with new financing and intends to continue pursuing additional value-add opportunities in the region, Vittone says.
The office building is 70% leased to a majority of government entities including the Federal Bureau of Investigation, the Orange County District Attorney's office and the Orange County Public Defender's office. In addition to Vittone, Grubb and Ellis Realty Advisors was represented by Al Pekarcik and Gil Marrero of Voit's Irvine office; the buyer was represented by Tim Nguyen of NAI Capital.
The 901 Civic Center Dr. building previously sold in the spring of 2006 when Triple Net Properties LLC, predecessor to Grubb & Ellis Realty Advisors, bought the building for $14.4 million, according to a GlobeSt.com report at the time. According to that report, the building was developed in 1986 and was approximately 65% leased at the time, with Triple Net saying that it saw upside in leasing the remaining space.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.