Harpo purchased the building two years ago. "They converted it from an athletic club into an office building," Gary Pesner, a Sperry Van Ness broker who worked on the deal, tells GlobeSt.com. The building underwent a complete overhaul and now boasts entirely renovated ceilings, rest rooms, elevator, paint, carpet, lighting and windows.
The facility was 95% vacant at the time of sale. Pesner says the new owner is looking for a tenant, "either a school or a business." Pesner negotiated for Harpo; the buyer was represented by Gil Marrero of Voit Commercial Brokerage.
The transaction is the second largest deal to take place within Orange County in the past week. GlobeSt.com recently reported that the 171,979-sf Palm Court complex was sold to the Irvine Co.
The development, which stands at 15615-15635 Alton Parkway, consists of two, four-story office buildings totaling 161,243 sf and a one-story, 4,736-sf retail building. Although financial terms of the deal were not disclosed, brokers in the area say the transaction is worth about $35 million.
The seller, Connecticut General Life Insurance Co., was represented by a Cushman Realty Corp. brokerage team consisting of A. Martin Morgenstern, Rick Hamilton, Jon Nesbitt and Rick Kaplan. They work out of the firm's Orange County office. The Irvine Co. was represented in-house.
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