MISSION VIEJO, CA-RJ Realty Investors of Newport Beach has acquired a 32,701-sf office property for $5.5 million and plans to convert the leased investment to office condos for sale, according to Grubb & Ellis. The two-story concrete tilt-up building at 24800 Chrisanta was 100% leased to Lennar Partners at the time of sale. Jeff Hanson and Ryan Gallagher of the Newport Beach office of Grubb & Ellis, who represented the buyer, report that the tenant’s lease will be expiring and the new owners plan to process a condominium map and sell off individual office suites to owner-users. RJ Realty, which is a newly formed investment firm established by Rodger Grove in partnership with Joe MacPherson, bought the building from Irvine-based Dolphin Partners. RJ Realty, an internally funded group, will focus on acquiring commercial assets in the Southwest valued from $2 million to $30 million. Besides Hanson and Gallagher, the buyer was represented by Adam Wicker and Dave Smith with Lee & Associates’ Irvine office. The seller was represented by Mike Misenbach and Dick Silva of the Irvine office of Lee & Associates.The Mission Viejo transaction was one of three recently closed office building sales in Orange County, including a second deal brokered by Hanson and Gallagher. In that transaction, a private investor purchased a 19,044-sf office building at the Waters at Creekside project in Costa Mesa from Los Angeles-based Commercial Ventures for more than $3.3 million. The Waters at Creekside consists of nine office buildings ranging from 12,000 sf to 23,000 sf and totaling 156,000 sf at 2900 S. Bristol St. Each of the buildings is on separate parcels and the front four buildings have a condo map in place. Gallagher tells GlobeSt.com that the transaction was the second full building sale in the project, which is expected to generate $32 million in sales when all of the buildings have been sold. He and Hanson report that one other full building and eight condo suites are currently in escrow with scheduled closings over the next 45 days. Besides Hanson and Gallagher, the sale of the Waters at Creekside building was brokered by Bob Davis, Scott Johnstone and Greg Puccinelli of the Grubb & Ellis Office Group. The buyer was represented by August Wen of Century 21 Citrus. In the third transaction, Wave Imaging Corp. acquired a 7,700-sf office property at 8805 Research Dr. in the Irvine Spectrum from Brenexus for $2 million, with Joe Winkelmann of Colliers Seeley International’s Irvine office representing the buyer and Brenexus representing itself.

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