Boston Firm Buys Hutton Centre Building

SANTA ANA, CA-TA Associates Realty of Boston has acquired a 153,682-sf class A office building at 201 E. Sandpointe Ave. from TIAA-CREF. The sales price for the deal was undisclosed, but the 201 E. Sandpointe building is comparable to a nearby 150,560-sf office building at 200 E. Sandpointe Ave. that TA Associates bought this summer for nearly $40 million.

Both of the Sandpointe buildings are part of Hutton Centre, a 43-acre mixed-use development. The 201 E. Sandpointe property includes the eight-story office building and a six-story parking garage, note David Girty and Benjamin Gott of the Newport Beach office of Grubb & Ellis.

Girty and Gott, who have been the leasing agents for the building for TIAA-CREF for the past several years, assisted Eastdil Secured in representing TIAA-CREF in the sale of the building. The building was 82% leased at the time of sale, with tenants including Shared Wellness, Harrell & Co. and Advanstar Communications having signed leases recently.

GlobeSt.com reported in August that BPG Properties of Philadelphia sold the 200 E. Sandpointe Ave. building to an institutional investor for $39.7 million, although TA Associates was not named as the buyer at that time. TA Associates recently assigned the office property management for both the 200 and 201 Sandpointe buildings to Davis Partners of Newport Beach.

The 200 and 201 E. Sandpointe buildings, both eight stories, were built in the 1980s. Under the ownership of BPG, the 200 Sandpointe building was renovated extensively. The Hutton Centre mixed-use development that the Sandpointe buildings are part of consists of office towers, theaters, retail, restaurants and a Double Tree Hotel.