Cushman & Wakefield recently represented Equity Office in two separate transactions, which included the sale of three office buildings in Orange County, Calif.
The aggregate price of the transactions was approximately $46 million.
Newport Beach based real estate investment firm Layton-Belling & Associates acquired two of the properties located in Laguna Hills and Anaheim Hills. The larger of the properties is Oakbrook Plaza, which comprised 118,843 square feet. Built in 1984, this class A building, characterized by its two-story lobby entrance and atrium, is located at 24422 Avenida de la Carlota, and overlooks Interstate 5 between El Toro Road and Alicia Parkway in Laguna Hills.
LBA also acquired from EOP, a three-story Class A office property and an adjacent land parcel in Anaheim Hills. East Hills Office Park is a 57,245-square-foot suburban office building located at 180 N. Riverview Drive at the corner of Weir Canyon and Santa Ana Canyon Roads. The 15-year-old building was fully occupied at the time of sale. According to Cushman & Wakefield’s Bob Griffith and Jon Nesbitt, who represented Equity Office on the transactions, the sale also included 4.1 acres of land immediately adjacent to the property that is fully entitled for a 62,500-square-foot office building.
In a separate transaction, CIP Real Estate Property Services acquired Centrepointe I, II and III in the Centrepointe Irvine office park at the corner of Jamboree Road and MacArthur Boulevard. The three concrete and reflective glass buildings of 24,592 (19712 MacArthur), 17,901 (19722 MacArthur) and 25,064 (19732 MacArthur) square feet, collectively were 96 percent leased at the time of sale. With the acquisition, CIP now owns four of the eight buildings comprising Centrepointe Irvine, which was developed in 1979.
Cushman & Wakefield is an international real estate services company.
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