The facility, known as Anaheim Medical Center, was 92% occupied at the time of sale. It is located at 500 S. Anaheim Hills Rd.
The buyer, Encino-based First Anaheim Hills Properties LP, was represented by Jeff Hanson and Gregg Herbert of Grubb & Ellis' Newport Beach office. John Pierce and John Griffin of Voit Commercial acted on behalf of the seller, CT Realty of Newport Beach.
The deal follows on the heels of a recent office acquisition in Tustin. The buyer, HMWC CPAs, procured the 20,389-sf facility from Personal Benefit Insurance. The facility, which stands at 17501 E. 17th St., traded hands in a deal valued at $2.4 million.
Office investors continue to favor properties with low vacancy rates, as Orange County office product is still experiencing a drop in occupancy levels. According to a recent report by Delta Associates, the county's vacancy rate is expected to increase above the current level of 14.4% in the near term and occupancy is not predicted to pick up until the latter half of 2002 when the national economy is expected to strengthen.
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.
