Office Deals Total 100,000 SF, $23M

ORANGE, CA-Buyers and tenants here and in four other Orange County cities closed 2007 with a series of seven sales and leases totaling $22.9 million, according to brokers from NAI Capital, Marcus & Millichap and Voit Commercial Brokerage. In the largest of the deals, a 1031 exchange buyer acquired a 22,093-sf office building at 2090 N. Tustin Ave. in Orange for more than $7.1 million, according to NAI.

The buyer exchanged into the deal and will occupy a portion of the new office and medical building, which is located near the 55 Freeway and Western Medical Center. The building, which traded in an off-market transaction, sold at a 5.9% cap rate in a deal brokered by Steven Economos, George Economos, Geoff DeWolf and Matt Moore of the Economos Group at NAI Capital’s Newport Beach office.

In a deal in Newport Beach, an individual exchange buyer acquired a 16,560-sf building at 1499 Monrovia Ave. that houses the headquarters of Road & Track Magazine. The property is called the Hachette Filipacchi Media US building and sold for $5.8 million, according to Michael Lawrence, a vice president of investments at Marcus & Millichap’s Newport Beach Office.

Lawrence represented the seller, Monrovia Avenue LLC. The two-story single-tenant office building was constructed in 1967 and has been continuously occupied by the tenant since that time.

The five remaining deals were leases totaling 61,702 sf for a combined value of $10 million, according to Voit Commercial Brokerage, which represented either the landlord or the tenant or both in the transactions. The tenants included the County of Orange for 19,555 sf at 901 Civic Center Dr. and the nonprofit Western Youth Services Inc. for 11,272 sf at 1666 N. Main St., both in Santa Ana.

In Irvine, the Cheesecake Factory signed for 2,403 sf at 17701 Mitchell St. North and the Bascom Group for 7,800 sf at 26 Corporate Park. National Retirement Partners, an advisory service for more than 3,000 retirement plans with assets totaling more than $33 billion, signed for 10,672 sf at 33272 Valle Rd. in San Juan Capistrano.

The Voit brokers involved included Mark Sigler, Gil Marrero, Trent Walker, Tim Walker and Tony Gleason, all of the brokerage’s Irvine office, and Rob Socci of Voit’s Anaheim Metro office. Other brokers involved included Bob Rush of US Realty Group representing the Bascom Group and Don Yahn of Cushman & Wakefield representing landlord 17701 Mitchell LLC in the Cheesecake Factory lease.