Newport Beach-based commercial real estate investment firm WLA Investments sold the Fullerton Business Center, a 151,381-square-foot office and R&D business park in Fullerton, Calif.
The transaction was valued at approximately $15 million.
WLA acquired Fullerton Business Center, located at 1501-1561 East Orangethorpe Ave., in 2001 from Kilroy Realty. The firm renovated the property by upgrading the overall appearance and taking several large contiguous spaces vacated by former tenants U.S. Technical and Grinnel, and demised them into smaller units more conducive for leasing, based on the local demand.
Mike Martin of Merchant Realty represented the buyer, Windell Investments.
Dan Vittone of Voit’s Irvine office and Jack Faris of Voit’s Anaheim Metro office represented the seller in the transaction.
At the time of sale, the park was 90 percent leased. Thirty thousand square feet is leased to TransUnion and 15,000 square feet is leased to Lucent Technologies, the latter of which was consummated just prior to close of escrow.
Voit Commercial Brokerage, a member of CORFAC International, is a full-service brokerage firm that specializes in the sales and leasing of office, industrial and retail properties.
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