Costa Mesa Office Complex Fetches $20 Mil

ORANGE COUNTY, CA-On the heels of a report naming this county as one of the Top 10 best places for office property investment, a local developer and investor has acquired a Costa Mesa office complex for $20 million. The Waters at Creekside consists of nine wood-framed, two-story buildings with a combined 157,000 sf. It was purchased by Werdin-Creekside LLC, an entity formed by Newport Beach-based builder and investor Werdin Corp.

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.