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LA PALMA, CA-A private investment firm has acquired a 57,000-sf office and medical property here called La Palma Professional Center in a 1031 Exchange, and another investor has purchased a Santa Ana office building as the sales segment continues to drive the commercial real estate market in 2003.

In the La Palma transaction, according to Mark Brunner of Cushman & Wakefield’s Long Beach office, Tridiamond LLC bought La Palma Professional Center, a 57,000-sf, multi-tenant office building, from La Palma Medical Arts Center LLC for $6.9 million.

Brunner notes that the two-story building is occupied by both medical and professional firms. Built in 1984, the center is at 7872 Walker St., across from the La Palma Intercommunity Hospital. The buyer acquired the building in a 1031 Exchange after recently selling two other properties. Brunner represented the seller, with the buyer represented by Anne Yip and Andy Deng of TLC Realty in Arcadia.

In the Santa Ana transaction, a private investor sold an 8,421-sf office building at 2922 South Daimler to the Keyes Living Trust for $1.1 million, according to Steve Economos and George Economos of the Newport Beach office of NAI Capital Commercial.

The two-story building with surface parking is located north of the John Wayne Airport within the Amberwood Office Park that is visible from the 55 Freeway. The buyer may occupy a small portion of the building, notes Steve Economos, who represented the seller along with George Economos. Buyer Keyes Living Trust was represented by Larry Schuler of the Newport Beach office of CB Richard Ellis.

The two deals illustrate the continuing momentum of the sales portion of the commercial real estate market throughout 2003, a year in which many if not most brokerage firms report that sales represent a larger proportion of their activities than leasing. The deals also illustrate the continuing flow of 1031 Exchange funds into the investment and owner-user markets.

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