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ORANGE, CA-A Newport Beach-based single-purpose entity controlled by Wray Realty purchased The City Place, a 24,000-sf multi-tenant office building at 3745 W. Chapman Ave., for $3.6 million from Holualoa Realty Advisors of Phoenix, Ariz.

Jeff Hanson of Grubb & Ellis, who represented the buyer and the seller, tells GlobeSt.com that the building features an Italian marble exterior with one of the highest-quality exterior finishes of any property in the area.

He says the two-story, steel frame building was constructed in 1986 by an owner-user that later sold the building, which was renovated in 1998. Holualoa Realty had owned the property for about four years.

The freestanding building was 100% leased at the time of sale, Hanson says, with the University of Sarasota as one of its major tenants. Hanson says demand for office buildings in Orange County is strong because low interest rates make deals work at relatively low cap rates, and financing is readily available.

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