SANTA ANA, CA-A 13,970-sf office property has been snapped up by private investors, who plan to use the facility to house their marketing business. The investors, Jeff and Dan Kroll, have paid $1.1 million for the facility. It is located at 2435 N. Grand Ave.
The buyers were represented by Frank Mejia and Bob Engen from Lee & Associates’ Orange office. The seller, Grand Avenue Holding LLC, was represented by Dan Powers of CB Richard Ellis.
Although smaller office properties have been changing hands in recent weeks, the county is still flooded with available office product. The total amount of available office space in the county jumped from 15.68% in the first quarter of 2001 to 16.51% in the second, according to a recently released report by Voit Commercial Brokerage. Additional product will be dumped onto the county’s office market in upcoming months, as nearly two and a half million sf was under construction in the second quarter of 2001.
Meanwhile, the countywide vacancy rate has increased by more than 1% over the last quarter, according to Voit’s report. The vacancy rate has risen from 11.55% in first quarter 2001 to 12.59% in second quarter 2001.