Grubb & Ellis Co. represented Saunders Property Co., a Newport Beach-based investment group, in the purchase of a 106,344-square-foot office building in Cypress, Calif.

The transaction was valued at $23.4 million.

Locally based Makar Properties sold the class A, Cypress Crossroads asset. The five-story building, which is located at 10833 Valley View St., was built in 1987 and completely renovated in 2004. The property was 80 percent leased at the time of sale.

Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.

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