The three-story office building, which has golf course views, is located near the 5 and 91 freeways. The building is approximately 95% occupied with tenants including Orange County's Credit Union, The City of New York and the LDS Church.
The purchase provided the buyer with a capitalization rate of just under 11%. The three-story steel frame site sold for $110.80 per sf. The building features an exterior glass elevator with the rear of the building facing a golf course.
The investment is secure, in that none of the four largest tenants comes up for renewal before mid-2004 or later. Located within a half a mile of the 5 and 91 freeways, the building can serve the Inland Empire n addition to Orange County.
George Economos and Steve Economos of NAI Capital Commercial represented both sides in the transaction.
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