DANA POINT, CA-A 9,769-square-foot former RE/Max office building here has sold for $7.2 million, or $737 per square foot, in a deal that reflects the premium prices commanded by properties in coastal locations with high barriers to entry. According to Marcus & Millichap, which brokered the deal, the new owners have renamed the office building Altera.

The two-story building, which was completed in 1990, is located at 33522 Niguel Rd., at the intersection of Pacific Coast Highway. The location is near a number of high-profile and high-end properties, including the Ritz Carlton and St. Regis luxury hotels.

The seller was represented by vice president Jack Hopkins and investment associate Dennis Weisberg of the Newport Beach office of Marcus & Millichap. The private investment group that bought the property was represented by vice president Michael Woolbright, also of the Newport Beach office of Marcus & Millichap.

The Dana Point deal, in the South Orange County submarket, was one of the final office sales in a year in which transaction velocity slowed because of the economic downturn, tighter credit markets and concerns surrounding the sharp rise in available sublease space, according to a Marcus & Millichap report on the Orange County office market.

Nonetheless, prices and activity are “heavily dependent on property quality and location,” the report noted. The sale of the 33522 Niguel Rd. building reflected that fact, trading far above the median price of $328 per square foot for office deals in the county.

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