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MISSION VIEJO, CA-Olen Properties of Newport Beach has acquired the 133,726-sf Cendant Corporate Center from Cendant Corp. for $25 million, according to Coldwell Banker Commercial-North County Properties in Carlsbad.

The property consists of two four-story corporate headquarters office buildings occupied by Cendant, which is a real estate brokerage franchisor, hotel franchisor, vacation home ownership and car rental operator. Cendant is also the parent company of Coldwell Banker.

Six separate business units within Cendant Corp. have leased back approximately 75% of the two buildings, including Coldwell Banker Residential NRT, Century 21 Real Estate, Cendant Mobility, Hotel Franchise sales, RCI and Settlement Services.

The Coldwell Banker brokers on the deal included Tom Olson of Coldwell Banker Commercial-Towne Centre, located in La Jolla, on the investment sale for the seller; Lannie Allee, Roger Carlson, Jon Walters and Lars Eisenhauer from Coldwell Banker Commercial-North County Properties, who handled the leasing on the building. Adam Wicker and Scott Johnstone of Grubb & Ellis in Newport Beach represented the buyer.

Constructed in 1981, the two buildings plus a parking structure are located on a seven-acre site. Located in the heart of Mission Viejo’s business district, the Cendant Corporate Center features freeway signage exposure on Interstate 5 in addition to nearby shopping and restaurant amenities. Among the center’s features are indoor and outdoor lunch areas, and employee gym facilities with lockers.

The Coldwell Banker offices that handled the sale are part of Coldwell Banker Commercial-Almar Real Estate Group.

Buyer Olen Properties, established in 1973, is a developer and investor in commercial properties and apartment complexes in Southern California, Arizona, Florida and Las Vegas. Among its current projects in Orange County are Orchard Technology Park, an office, R&D and warehouse development on Orchard Road off of Bake Parkway in Lake Forest.

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