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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.

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