Adjacent Office/Medical Buildings Fetch $28M

(Save the date: RealShare Medical Office buildings comes to the Four Seasons in Scottsdale, AZ November 7 -8, 2012.)

GLENDALE, CA-Peregrine Realty Partners, a real estate investment and advisory firm headquartered in Newport Beach, CA, has purchased two class-A office properties totaling 153,029 square feet from an unnamed institutional owner for $28.5 million. 500 North Central Ave. and 501 North Orange St. here represent Peregrine’s first venture into the Los Angeles County market, since most of the firm’s properties are located in San Diego County, principal G. Ryan Smith tells GlobeSt.com.500 North Central Ave. is a nine-story, 126,209-square-foot office tower built in 1990; it is currently 93.3% leased to a diverse base of tenants with five core tenants representing nearly half the total square footage. 501 North Orange St. is a two-story, 26,820-square-foot medical-office building completed in 1990, which was renovated in 2005; it was then converted to a medical-office space in 2008. The property is currently 68.6% leased to two key tenants.