X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SANTA ANA, CA-TMP Parkcenter Ltd. has sold a two-story office building in Santa Ana and plans to lease back a portion of the facility.

The building, which stands at 801 Parkcenter Dr., has been acquired by Professional Real Estate Services Inc. for $3.3 million. Encompassing 33,335 sf, the garden-style facility features a central courtyard. It is currently 95% occupied.

Professional Real Estate Services was represented by George Economos and Steve Economos of NAI Capital Commercial. Ken Hulbert and Dan Knudson of Daum Commercial acted on behalf of TMP Parkcenter Ltd.

Office deals in Orange County have been few and far between in recent weeks, as the glut of office space that continues to flood the region is expected to cause deterioration in market conditions in the months ahead. A recently released report by Marcus & Millichap Real Estate Investment Brokerage Co., says that the excess space will push the vacancy rate up and pull rents down. The average vacancy rate is expected to increase to 19% over the next 12 months, according to Marcus & Millichap researchers. Meanwhile, the average rent is expected to decline by 5% during 2002.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.