$93 Per SF Buys Fullerton Office

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.