The developer plans to construct a six-story, 200,000-sf facility on the property, which currently stands vacant. "We saw this as an opportunity to secure a property with long-term value considerations," says Robert Flaxman, president and CEO of Crown Realty. "Central Orange County is a market characterized by a lack of vacant property for development and this property is uniquely positioned as a flagship location for an office or commercial development."

Rick Warner of CB Richard Ellis' Anaheim office negotiated for Crown in the transaction. He will serve as the exclusive leasing and marketing broker for the property. The seller, Xerox Center Partners, was also represented by Warner.

In addition to the latest acquisition, Warner also recently purchased two office structures in Brea from Legacy Partners. "While we will entertain opportunities in any region that presents itself, Crown will keep its focus on Southern California properties," Flaxman says.