The 70,072-sf building stands at 19 Morgan. It has been acquired by Pacific Business Systems, a reseller of Apple computers, peripherals and other computer-related products. The company is relocating from smaller quarters not far away.
Pacific Business Systems was represented by a CB Richard Ellis team of Newport Beach brokers that included Chip Wright, Jeff Carr and Linda Barden. The seller, a private partnership known simply as Morgan LLC, was represented by Trent Walker of Voit Commercial Brokerage.
While few blockbuster sales have been announced in Orange County this year, small and mid-sized properties in the $5-million to $20-million range have been moving briskly. Most are being purchased by relatively small companies that intend on staying in the area, despite the energy crisis, and feel that buying is a better long-term decision than renting.
Analysts also note that recent buyers are involved in an array of industries, a sign of the county's economic diversification that has prevented the region from suffering many of the problems now plaguing other markets that became too dependent on the dot-com sector. Recent property buyers in Orange County have ranged from telecommunications companies and trucking firms to an apparel retailer and tool-manufacturer.
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