Tenant-in-common buyer builds office portfolio

Grubb & Ellis Co. negotiated the sale of Saturn Business Park, a 121,143-square-foot, low-rise office project in Brea, Calif.

The transaction was valued at $22 million.

Saturn Business Park LLC, a Santa Ana-based tenant-in-common buyer, purchased the property from GE Real Estate of Stamford, Conn.

The two-story building, which was built in 1985 and renovated in 2004, is located at 2929 East Imperial Highway.

The asset was 92 percent leased at the time of sale to tenants including Unocal (32,967 square feet); Underwriters Laboratories (26,003 square feet); World Savings (15,387 square feet); and Household Finance Corp. (8,888 square feet). Nearly 50 percent of the project is leased through 2010 to Unocal and Underwriters Laboratories.

Grubb & Ellis Co. provides a full range of real estate services worldwide.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.