Clauset, La Palma Centers Change Hands

ORANGE COUNTY, CA-Investors from Irvine and San Francisco have acquired a premier office project in Santa Ana and a fully leased industrial distribution center in Anaheim in two deals brokered by CB Richard Ellis.

In the office deal, the Colton Co. of Irvine purchased the 192,343-sf Clauset Centre at 3100 and 3130 S. Harbor Blvd. in Santa Ana from a fund managed by Lend Lease Real Estate Investments. The Clauset Centre sale was brokered by the CB Richard Ellis team of Robert Smith, Dean Chandler, Michael Kane and Karen Scholte, all from the Newport Beach office of CBRE. In the industrial transaction, the San Francisco-based McMorgan & Co. investment group acquired the 127,122-sf La Palma Distribution Center at 5455 East La Palma Ave. from TA Associates Realty of Boston. Smith, Kane and Scholte brokered the sale, along with Jim Wootan of CBREs Anaheim office.

Terms of the deals were not disclosed, but real estate industry sources outside of the deal believe the Clauset Centre probably sold for upward of $20 million and the distribution center would likely have commanded $8 million or more at today’s prices.