1031 Buyer Acquires 34,000-SF Office Property

The buyer acquired the property from Newport Beach-based Valley Plaza, which was represented by Steve Economos, George Economos and Geoff DeWolf of NAI Capital's Economos Group. David Cox of Cox Commercial represented the buyer.

In a separate transaction, seller Christine Malia LLC sold a 4,950-square-foot office building at 9846 Research Dr. in Irvine for more than $1.36 million to Skinner, Fouch and Olson LLP, which will occupy the space as an owner user. The Economos Group represented the seller in the deal.

In another deal, Lake Forest Realty LLC bought a 9,340-square-foot office building at 23030 Lake Forest Dr. in Laguna Hills from Edward Mark for $1.2 million in an investment deal. The seller as represented by the Economos Group along with Kurt Hediger of NAI Capital's Newport Beach office.

In an industrial lease in Foothill Ranch, ATEN Technologies signed a six-year commitment for 40,140 square feet of space at 19641 DaVinci, according to J.R. Williamson of NAI Capital's Newport Beach office. Williamson represented ATEN in the deal, which was valued at close to $2.5 million. He reports that ATEN's move to the Foothill Ranch building was to consolidate from two buildings into one, resulting in a reduction of the company's overall monthly operating expenses and rental cost by more than 25%. ATEN Technologies is a manufacturer, wholesaler and distributor of computer electronic products.

In another lease, this one in Irvine, Praise International North America Inc. doing business as It's a Grind and Gloria Jean's Coffees signed a 60-month lease for nearly $1.1 million for an 18,316-square-foot industrial building at 17691 Mitchell North. The landlord, Pro-Mo Properties LLC, was represented by Williamson and Brent Mork, also with NAI Capital's Newport Beach office. The space will serve as the corporate headquarters for the coffee house.