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LAKE FOREST, CA-A Long Beach, Calif.-based partnership of Knowleton Communities Inc. and Jon Christopher Enterprises Inc. bought a 20,564-sf office building at 25381 Commercentre Drive from Triple Net Properties of Santa Ana for $3.25 million.

Jennifer Esser of Sperry Van Ness tells GlobeSt.com that the purchase was unusual in that the buyer typically invests in apartments, although the partnership has recently acquired another office building. Esser represented the buyer, while Mike Austin of Sperry Van Ness represented the seller.

Esser says the Knowleton-Christopher partnership chose the Commercentre Drive building for the higher cap rate it offered in comparison with most apartment deals, and because the buyers especially liked this particular property. The sale closed at a 9% cap rate, she tells GlobeSt.com, versus cap rates in the 6.5% range for many apartment deals lately. The buyers acquired the building in a 10-31 exchange after selling some land they had entitled.

The 25381 Commercentre Drive building is one of six two-story, concrete tilt-up office buildings in the 167,585-sf Pacific Corporate Park. The business park was built in 1999 and is at the corner of highly traveled Bake Parkway and Commercentre Drive, near the Foothill Transportation Corridor.

At the time of the sale, the building was 100% leased to Scantron, Computer Education Institute (CEI), Reptron and Management Recruiters. The seller had owned the building since 1999.

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