Encompassing 48,085 sf, the building is 98% occupied. Its major tenant is Nestle USA, which occupies half of the facility. Built in 1986, the property is located at 22800 Savi Ranch Parkway.
The buyer, Koll Savi LLC, and the seller, Newport Beach-based The Clifford Companies, were represented by Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage's Anaheim Metro office.
"Voit was able to find the investor an office building with stability and future value enhancement," Tomaselli says.
The deal comes as the county's office vacancy rate is on the rise. Orange County has a vacancy rate of 14.8%, according to a recently published report by NAI Capital Commercial. In addition, the county experienced a negative net absorption of 649,000 sf during the first six months of 2001, the report says.
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