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ANAHEIM HILLS, CA-A locally based private trust has acquired a 57,245-sf office building that is 100% occupied from LBA Realty Fund Holding Co. of Newport Beach for $16.5 million, according to Grubb & Ellis. The buyer of the building, which is anchored by General Dynamics Corp., was Placentia-based K-II Fullerton LLC.

Bob Griffith and Jon Nesbitt of the Newport Beach office of Grubb & Ellis represented seller LBA Realty, which had acquired the asset as part of an Equity Office portfolio in 2003. The buyer was represented by Mike Hefner of Voit Commercial Brokerage.

The three-story building, which is located at 180 N. Riverview Dr. in East Hills Office Park, is 47% occupied by General Dynamics. Other major tenants include Stewart Title and the Orange County Transportation Authority. It sits on a parcel of approximately 3.6 acres on a hill overlooking East Anaheim and the Riverside (91) Freeway and comes with 220 parking spaces.

Among the selling points for investors, according to the Grubb & Ellis brokers, was the property’s location near hotels, shopping, dining, fitness facilities, banking and other services. The location provides convenient access to a number of freeway systems, plus access to prime exclusive executive housing in Anaheim Hills, Villa Park, Yorba Linda, Placentia and Orange Hills, they note.

Grubb & Ellis, which tracks nearly 80 million sf of office space in Orange County, calls the county’s office market one of the tightest in the country. Within the county, relatively little new space has been built in the area where the East Hills Office Park is situated and for the rest of this year the pace of new construction there “will remain slow,” the company says in a recent report.

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