The buyer, HMWC CPAs, was represented by Chris Latta, Chuck Noble and David Hunsaker of Lee & Associates--Orange Inc. Bart Bean of Lee & Associates--Irvine Inc. acted on behalf of the seller, Personal Benefit Insurance.
The Tustin sale comes as vacancies are on the rise in the Orange County office market. The vacancy rate is expected to increase above the current level of 14.4% in the near term, according to a recent report by Delta Associates, the research affiliate of Chicago-based Transwestern Commercial Services.
As the tenant base shrinks, rental rates will continue to drift downward until the latter half of the year. "Rents will likely stabilize by year-end 2002, as the market begins its anticipated recovery," the report points out.
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