X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FULLERTON, CA-A private investor bought a 24,000-sf office building at 1850 Raymer St. from another private party, according to CB Richard Ellis brokers who represented the seller.

The buyer, who acquired the property in a10-31 exchange, paid $2.23 million for the property, which is a concrete tilt-up structure that was built in 2001.

Patrick Scruggs, one of the CB brokers, tells GlobeSt.com that the building is occupied by Garden Fresh, the parent company of the Souplantation restaurant chain. About 8,000 sf of the building was empty at the time of the sale. Besides Scruggs, the other CB brokers representing the seller included Mark Larson and Gary Stache.

Fullerton is part of the Orange County office market, where vacancies stand at about 16%, including sublease space, according to the latest reports. That rate is up about 2% from a year ago, due largely to the increase in sublease space throughout Southern California. But the amount of new space under construction in the county has fallen this year, offering hope that vacancies could decline if demand remains stable.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.