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SANTA ANA, CA-Hollywood-based CIM Urban REIT Properties has acquired the 36,354-sf Santa Ana Civic Center office building at 500 W. Santa Ana Blvd. from Newport Beach-based CT Realty Corp., according to the seller. The property, a four-story office building, sold for $7.32 million after CT Realty held it for approximately three years in a value-added play that included improving and upgrading the building.

The Civic Center office building is situated across the street from the Ronald Reagan Federal Building, within walking distance of the county courthouse and government agencies. In addition to the office building, the property includes an adjacent five-story parking garage.

Marc Belluomini, executive vice president of CT Realty, comments that the buyer has now taken title to an asset that is located in “one of Orange County’s most important business and legal communities.” After buying the property in 2004, CT Realty invested $1 million in upgrades that included renovations and improvements to the common areas and lobbies, elevators, restrooms and air conditioning and heating systems. The makeover also included new landscaping.

Thanks to the renovations, Belluomini says, the property “is now well-positioned for long-term leasing in the Civic Center submarket of Orange County.” The building was approximately 77% occupied at the time of the sale.

The building is part of a Santa Ana office market with an inventory that accounts for approximately 12.3 million sf of Orange County’s 102-million-sf office supply. Direct vacancy stood at about 7.62% in the Santa Ana submarket in the first quarter, according to the latest report from Voit Commercial Brokerage, compared with an overall Orange County direct vacancy rate of 8.47%.

CT Realty represented itself in the transaction. The buyer was represented by Al Pekarcik of Voit Commercial Brokerage in Anaheim.

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