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SANTA ANA, CA-The recent sale of a 33,143-sf office building here was “one of the fastest I’ve ever seen,” according to veteran NAI Capital broker George Economos of the company’s Newport Beach office. In a deal led by Steven Economos, an NAI team including George Economos, Geoff DeWolf and Matt Moore represented the seller of the building in the transaction with the 1031 buyer.

“We had just put the building on the market when a broker called us with an offer,” George Economos tells GlobeSt.com. He says that the buyer, RSM Properties, needed the quick close because RSM was approaching a 1031 deadline.

RSM’s newly acquired asset is a multi-tenant office building at 2000 E. Fourth St. that was 95.2% occupied at the time of the sale. The seller was Collins Pasadena Properties.

Built in 1983, the three-story steel frame and glass elevator-served building is in the heart of the Park Center office district of Santa Ana, near the interchange of the 5 and 55 freeways, one of the city’s most popular and premier office districts. The buyer was one of a number of investors who were interested in the property, which is 16% occupied by Citizens Business Bank and features building-top signage for the bank.

RSM, which paid $6.9 million for the office building, was represented by Investors Trust Realty Group. Most of the prospective buyers were Southern California-based groups and individuals, according to George Economos, who notes that properties with such a high percentage of occupancy these days typically attract a number of exchange buyers.

“When a building is 95% full like that, we’re usually getting trade [exchange] buyers right now,” Economos says. “The vast majority of the buyers are from Southern California.”

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