Office Building Brings $3.8M

SANTA ANA, CA-Newport Beach, Calif.-based Davis Partners has acquired a 39,929-sf garden-style office development from Orange County-based commercial property investment firm Newport Federal for $3.8 million.

The 28-year-old property is a two-story development at 2030 E. Fourth St. in Santa Ana, according to Rob Mitchell of Voit Commercial Brokerage. Mitchell, along with fellow Voit brokers Alan Pekarcik and Dan Vittone, represented both the buyer and the seller.

Mitchell notes that Davis Partners is a long-time investor in commercial real estate in Southern California, having worked with him for the past 10 years in acquiring and disposing of investment properties.

The Fourth Street office project was built in 1974 and was renovated most recently in 1991. It was 90% leased at the time of the sale, with office sizes range from 300 to 1,000 sf.

Seller Newport Federal, a real estate investment firm based in Newport Beach, had owned the Santa Ana building for six years before selling it.

The transaction is the second in recent weeks for Newport Federal, which closed a $5.8 million deal in which it sold a 37,263-sf office building in Anaheim to the Los Angeles-based Air Conditioning and Refrigeration Industry Pension Fund. The pension fund will operate a trade school at the property.

The Newport Federal sale to the pension fund was brokered by Voit Commercial, with Pekarcik, Vittone and Mitchell representing the seller, while Mitch Zehner and Louis Tomaselli, also of Voit, represented the buyer.