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CYPRESS, CA—The sale of Cypress Crossroads here to a private investor demonstrates that private-exchange buyers have emerged as more aggressive buyers than some of the more traditional institutional ones, Dornin Investment Group principal Andrew Kurzeka tells GlobeSt.com. The firm recently sold the multi-tenant office building to a private investor for $24 million, marking the third disposition for DIG this year as it continues to capitalize on the availability of private-exchange buyers in the market.

DIG acquired Cypress Crossroads in 2014 as a lender-owned, value-add opportunity centrally located in Orange County. Built in 1987, the property contains 106,341 square feet of office space on a 4.2-acre site. Occupancy at acquisition was 74% and was increased to 89% at the time of sale. The largest tenant, Premier Health Plan, which leased 22,387 square feet in August 2016, recently executed a 13,000-square-foot expansion, which will bring occupancy to 92%.

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Situated on a highly visible, 4.2-acre urban infill site with 940 feet of corner frontage, the building is a steel-framed, five-story office asset that was renovated in 2004 and under DIG's ownership in 2015, including full upgrades to lobby and common areas. Some of the upgrades featured finished-stone and wood accents, new cooling towers, modernized elevators and an energy-management system.