The property, which was 100% occupied at the time of sale, has traded at a 10% cap rate. Encompassing 49,251 sf, the office building stands at 100 S. Anaheim Blvd. Its principal tenants include software developer Formula Consultants Inc. with 12,000 sf, design firm TMAD Engineers with 11,000 sf and Curtis & Associates, which is now a part of business outsourcing services provider Concera Corp., with 10,000 sf.
The buyer, an Orange County-based partnership headed by principals Rich Wray and John Saunders, was represented by a Grubb & Ellis brokerage team consisting of Jeff Hanson and Gregg Herbert from the firm's Newport Beach office and Greg Farrier and Lonnie Riddle from the firm's Anaheim office. The same brokerage team also acted on behalf of the seller, Arizona-based Holualoa Arizona.
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