Office, R&D Buildings Fetch $8M Each

IRVINE, CA-National Recreational Properties had expanded with its $8.5-million purchase of a 66,466-sf R&D building at the Irvine Spectrum, and a 46,227-sf office property in Corona has commanded nearly as much, $8.3 million, in a purchase by Mammoth Equities.National Recreational Properties Inc. bought the building at One Mauchly from STM Networks for $8.5 million, according to Trent Walker of the local office of Voit Commercial Brokerage, who represented the buyer. Walker says National Recreational Properties had outgrown its 20,000-sf facility and needed room for expansion. The new owner is occupying 45,212 sf and subleasing the additional space to seller STM, which was represented by Dave Travis of Voit’s Irvine office in cooperation with Walker. Travis says STM has signed a three-year lease for 19,254 sf, which will continue to be the company’s Southern California headquarters.In the Corona transaction, the CBRE Private Client Group in Newport Beach reports that the 46,227-sf Corona Corporate Center office project at the northwest corner of Rincon and Joy streets commanded a sales price of $180 per sf, one of the highest prices per sf that’s been paid for comparable buildings in the area. Mammoth Equities of Mission Viejo bought the office building from the Garrett Group for more than $8.3 million, with Pat Scruggs and Gary Stache of CBRE representing the seller, and the buyer represented by Al Pekarick and Dan Vittone of Voit Commercial. The property is 100% leased to six tenants.The two $8-million deals were among $28.7 million of building sales that closed in Orange County recently, including deals in Santa Ana, Tustin and Laguna Hills.In Santa Ana, CT Realty Corp. of Newport Beach bought the 35,746-sf Civic Center Professional Plaza office development at 500 W. Santa Ana Blvd. from Civic Center Medical Arts Associates for more than $4.4 million, according to Jeff Hanson and Ryan Gallagher of Grubb & Ellis in Newport Beach, who represented both buyer and seller. CT Realty plans to renovate the four-story building, which was built in 1979 and was 38% occupied at the time of sale.The Tustin transaction was the $4.1-million purchase of two office buildings at 2512-2522 Chambers Rd. by Chambers Road LLC from Crestmark Real Estate, reports George Economos of NAI Capital Commercial. He and Steve Economos, along with Geoff DeWolf of NAI Capital Commercial, represented both sides in the transaction. Each of the two-story buildings is more than 90% occupied, one of them by an executive suite service and the other as a multi-tenant building.The Laguna Hills property is a two-story, 11,660-sf office building that Farmers & Merchants Bank bought for approximately $3.4 million from Olde Property Corp. Built in 1985, the property occupies 40,463 sf of land at 24300 Paseo De Valencia St. Greg Gill of Charles Dunn Co.’s Seal Beach office represented the buyer, with the seller represented by Bill White of Colliers Seeley International. The building will serve as the buyer’s newest branch office, Gill reports.