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ANAHEIM, CA-The sale of a 46,216-sf mixed-use R&D and office building here closed in seven days to meet the 1031 exchange buyer’s deadline, according to Voit Commercial Brokerage. According to Dan Vittone, a senior vice president in the Irvine office of Voit Commercial, the property was 100% occupied by two tenants at the time of sale.

The building is at 1300 Kellogg Dr. and is part of the four-building Anaheim Corporate Center, a project at the northeast corner of La Palma Avenue and Kellogg Drive. Vittone was part of a Voit team that represented the sellers, ACC Park LLC and MC Horning Jr.

Others on the Voit team were Alan Pekarcik of Voit’s Irvine office, along with Mike Bouma and Rob Mitchell of the company’s Anaheim-Metro office. The Voit team also represented the sellers when they bought the building as part of their acquisition of the Anaheim Corporate Center.

The buyer was Omidvar Family #3 LP, which acquired the property for $6.3 million and was represented by Royalty Property. In addition to meeting the exchange deadline, the deal provides the locally based private investor with a stabilized asset with tenants in two strong sectors of the county’s commercial real estate market: R&D and office.

The direct vacancy rate in the 63-million-sf R&D market slipped to a record low of 4.93% in the fourth quarter of 2006, according to the latest Voit market reports, which showed the overall availability of R&D space at 5.87%. At the same time, the average asking triple net lease rate per month per sf in Orange County climbed to $1.24, a new record high.

In the county’s 100-million-sf office market, the direct vacancy rate stood at 7.91% and the availability rate at 11.5%. The average asking full service gross lease rate rose nearly 11% on a year-over-year basis to reach $2.52.


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