Built in 2000, the low-rise facility encompasses 9,126 sf. Located at 21 Orchard, it has a parking ratio of 4:1.
The buyer, California Southwest Insurance, was represented by Ralph Simmonds of Simmonds Realty Group Inc. John Marchiorlatti of CB Richard Ellis acted on behalf of the seller, Executive Plaza AJW.
News of the Lake Forest transaction comes as the overall vacancy level in the South Orange County office market has begun to edge up again, following a slight dip in December. The vacancy rate has increased slightly from 17.31% in December to 17.60% in January, according to a recent report by Lee & Associates – Irvine Inc. In December, the overall vacancy level dropped more than half a percentage point, and the region experienced positive net absorption for the first time in months.
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