The Hamilton Co., a Newport Beach-based investor and developer, has acquired the 85,514-sf facility. Located at 14511 Myford Rd., the building stands two stories high. It was vacant at the time of sale.
The buyer was represented by Bryon Ward of Grubb & Ellis Co.'s Newport Beach office. Mike Smith of the Staubach Co. represented Texas Instruments.
Industry experts don't foresee a turnaround in the county's office market until mid-year 2002. Even then, they predict that office landlords will be more willing to accommodate tenant demands. According to a recent forecast by Grubb & Ellis, "opportunities for tenants to restructure deals on existing space will increase as landlords focus on keeping their properties occupied." Tenants, on the other hand, will need to provide letters of credit, as landlords are becoming increasingly concerned about this issue.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
