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SANTA ANA, CA-Urban Realty has acquired the 53,484-sf Art Institute of California-Orange County building from a private investment group for $17.6 million, according to Grubb & Ellis. The institute occupies the entire building, which is at 3601 Sunflower Ave., on a long-term lease.The Art Institute property was sold by SS Rainbow, LLC, a private investment group, which was represented by Kevin Shannon and Scott Schumacher of the South Bay office of Grubb & Ellis in Torrance, along with Ryan Gallagher and Jeff Hanson of the firm’s Newport Beach office. The Grubb & Ellis team also represented the buyer. The institute, which has 15 years remaining on its lease term with 3% annual increases, is a design, media arts and culinary arts post secondary school that offers providing bachelor’s and associate’s degrees in a number of disciplines. The property also includes a library, a student gallery, a student lounge, an art supply store, staff and faculty offices and other amenities. The school also operates a dining lab, called 50 Forks, that also serves as a restaurant that is open to the public and is staffed by senior-level culinary students. The school is one of 30 Art Institutes in major cities throughout North America that have offered career education programs in design, media arts, fashion and culinary arts for more than 35 years. The art institute building was one of two office deals to close lately in Orange County that included the $7.2-million sale of a 32,473-sf building at 4667 MacArthur Blvd. in Newport Beach. Newport Beach-based Newport Federal sold the property to a private individual in a transaction brokered by Rob Mitchell of the Anaheim Metro office of Voit Commercial Brokerage, along with Al Pekarcik and Dan Vittone of Voit’s Irvine office. The Voit team represented the seller, with the buyer represented by Matt Moore and Mike Meisenbach of Lee & Associates.

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