The 1980s-era development stands near the intersection of the San Joaquin Hills (73) Freeway and the Newport (55) Freeway. It is 93% occupied by 90 different businesses, most of them small- to medium-size tenants. Many of the firms are technology companies, according to Colliers Seeley International's Bill White, one of the brokers who worked on the deal.
The seller, Costa Mesa-based Creekside Metro LLC, bought the building two years ago from Newport Beach-based Koll-Bren Realty Advisors. In the recent transaction, Creekside was represented by broker White and Colliers Seeley colleague John Wadsworth. The same two brokers represented the buyer.
Announcement of the office deal comes just days after a national appraisal firm named Orange County as one of the 10 best places to invest in office property. The report by Integra Realty Resources also ranks the county's John Wayne Airport/Irvine area as the nation's third most-promising central business district for office investment.
Werdin's new project isn't far from the airport. Most of the financing for the acquisition was provided by GMAC Commercial Mortgage Corp. through Amos Smith and Greg Richardson of Southland-based Johnson Capital Group Inc.
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