Office Deals Top $8M

GARDEN GROVE, CA-The Royce Co. has acquired a 65,053-sf office building at 12966 Euclid St. from Newport Federal of Newport Beach for $5.8 million, part of a repositioning of Newport Federal’s portfolio, according to Voit Commercial Brokerage. The sale is one of two recently closed office transactions here and in Irvine totaling $8.3 million.

Robert Mitchell of Voit Commercial Brokerage’s Anaheim Metro office explains that Voit has been working with Newport Federal to reposition the company’s portfolio by disposing of property in secondary markets like Garden Grove and Santa Ana and acquiring property in stronger “A” markets like NewportBeach.

Along with Mitchell, Alan Pekarcik and Dan Vittone of Voit’s Irvine office have represented Newport Federal in the acquisition and disposition of more than 1 million sf in Orange County.

The Royce Co. acquired the property at approximately 65% leased and plans to place its property management company on site to aggressively market the remaining space. Pekarcik, Mitchell and Vittone represented both the seller and the buyer in this transaction.

In the Irvine transaction, Hospitality Marketing Services has sold a 13,142-sf office at 15751 Rockfield Blvd. to Westpac Investment for $2.5 million. Steve Lane of Voit’s Irvine office says Hospitality Marketing evaluated its business plan and decided to sell its facility now, while the for-sale market remains hot and the leasing market continues to be soft.

Lane and Trent Walker of Voit’s Irvine office represented the seller while Westpac represented itself.