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COSTA MESA, CA-The Brookhollow Group and Ameritas Life Insurance Corp. have completed the sale of 47 buildings totaling 245,000 sf at Coppertree Business Park for a combined total of $66 million. The entire project sold out in 13 months, according to Jeff Chiate, an executive director at Cushman & Wakefield’s Orange County office, who represented the Brookhollow Group in the sales program along with Rick Ellison of Cushman & Wakefield.

Located at 151 Kalmus Dr. in Costa Mesa at the intersection of the 55 and 73 freeways, Coppertree is set on 15 landscaped acres. The project, which is a few minutes from John Wayne Airport, features low-rise office buildings that range from 2,800 sf to more than 5,400 sf, with flexible floor plans.

The Brookhollow Group unveiled the Coppertree development last year. At the time, Chiate pointed out in a report on GlobeSt.com that the new business park adds some smaller low-rise product in an airport market that better known for high-rise towers.

In addition, the project presented what Chiate called a rare opportunity for buyers of small buildings to acquire them on a fee simple basis including land. Unlike many Orange County office condominiums, each building at Coppertree is located on its own fee simple parcel.

Building at Coppertree were designed to include ground-floor access and free parking at a ratio of three stalls per 1,000 sf of office space. The project was built in 1981 and was planned as an office condominium development offering the same fee simple ownership, but the market for office condo sales stalled. A major factor was soaring interest rates, which hit 20%.

Brookhollow bought the project from a lender in 1983 and leased the buildings until recently. Before offering the buildings for sale, it refurbished them, beginning sales in mid-August last year. Brookhollow, which was founded in 1973, has acquired or developed more than 15 million sf of office and industrial projects varying from 50,000 sf to 500,000 sf.

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