Grubb & Ellis Co. announced that Los Angeles-based Commercial Ventures Inc. has purchased The Waters at Creekside, a 156,854-square-foot office park in Costa Mesa, Calif.

The transaction was valued at $23 million.

The property, which is located at 2900 Bristol St., consists of nine freestanding buildings on separate parcels. Newport Beach-based Werdin Corp. sold the office park, which was 79 percent leased at the time of sale.

Commercial Ventures plans to break up the property and sell full buildings (12,566 to 18,077 square feet) and individual office suites (from 1,000 square feet). The four buildings in Phase I of the project contain approximately 50 individual office suites that will be sold to owner/users. The five buildings in Phase II will be sold individually to owner/users and investors.

Jeff Hanson and Ryan Gallagher with Grubb & Ellis’ Newport Beach office represented the buyer and the seller in the transaction.

Grubb & Ellis is a provider of integrated real estate services.

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