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TUSTIN, CA-Greenlaw Partners LLC of Newport Beach has acquired the 172,000-sf Meredith Financial Centre office project from the locally based Meredith Trust for $32 million, according to Lee & Associates, which brokered the transaction. The property comprises five buildings at 17772-17862 E. 17th St.

Chuck Noble, Chris Latta, John Hatzis and Dave Hunsaker of the Anaheim office of Lee & Associates represented both the buyer and the Meredith Trust, which was the original developer of the property in 1973 and had owned it ever since. The Meredith Financial Centre includes 52 units ranging in size from 550 sf to 14,000 sf, which are 90% occupied.

The new owner is expected to make substantial improvements to the center, which comprises four two-story buildings and one of four stories. Tenants include State Farm Insurance, General Nutrition Corp. and the corporate offices of Mimi’s Café.

Noble describes the office complex as a landmark property within a local submarket known as the Parkcenter office market. Parkcenter is a core of office properties located in central Orange County, primarily at the confluence of the 5 and 55 freeways.

The acquisition is the latest in a series of Southern California buys in the past year for Greenlaw Partners. Its other acquisitions have included a 182,566-sf industrial property in Santa Fe Springs and a 234,000-sf mixed-use portfolio in San Diego County, both purchased in partnership with Guggenheim Real Estate, as well as a 129,600-sf industrial property in Anaheim’s Platinum Triangle.

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