IRVINE, CA-The new owner of the 74,000-sf Von Karman Corporate Plaza office project is a dental laboratory owner and product developer who plans to occupy the vacant space at the 67%-occupied office building after acquiring it recently from Legacy Partners Commercial Inc. Mike Meisenbach of the Meisenbach Collins Group of Lee & Associates in Newport Beach tells that the property attracted multiple offers, mostly from institutional bidders.

Dental lab owner James R. Glidewell acquired the property in a transaction brokered by the Meisenbach Collins Group, with Meisenbach and John Collins representing the seller and Glidewell representing himself. Terms of the transaction were not disclosed, but Real Capital Analytics pegs the sales price at $21.5 million.

Occupancy at the property, which is at 18551 Von Karman Ave., had been higher until tenant LandAmerica Title moved out. The office development is situated on a four-acre site that is “located in a prime area for redevelopment,” Meisenbach says.

Meisenbach notes that the property is situated adjacent to “more than 100 acres of high-rise projects being built by some of Orange County’s biggest developers.” He adds that the Von Karman property is located on one of the most desirable streets in the airport submarket, with 360 feet of street frontage and convenient access to the 405 Freeway.

Built in 1984, the property recently underwent a renovation that included common area upgrades, improved landscaping and a new roof. According to a report published on in July 2005, the Von Karman Corporate Plaza was one of two properties totaling 280,545 sf in three buildings that Foster City-based Legacy bought from Adler Realty Investments of Woodland Hills for $46 million. Meisenbach was also one of the brokers in that 2005 deal.

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