IRVINE, CA-The Hearn Co. and Diversified Real Estate Capital,both based in Chicago, have closed on the $112 million acquisitionof the 230,605-sf 18301 Von Karman Blvd. office tower from MaguireProperties. Principal Phil Marino of Intercon West Realty Advisorsin Phoenix, which represented the buyers, tells GlobeSt.com thatthe acquisition underscores the buyer's “strong belief in SouthernCalifornia in the long term.”

The closing seals the most recent in a series of deals in whichLos Angeles-based Maguire has disposed of Orange County assets thatwere part of the 8.1 million sf of former Blackstone/EOP propertiesthat Maguire bought. The 11-story 18301 Von Karman building is oneof the most visible towers in Orange County, situated a few blocksfrom the John Wayne airport. The class A office project includes asix-level parking structure with more than 770 spaces.

Marino notes that the acquisition closed “in a market withsignificant volatility in capital sources for both debt andequity.” He says that the Hearn Co. plans to continue acquisitionsand dispositions as part of is strategy of “acquiring qualityassets in the Southern California market.”