Placentia Corporate Center Price Tops $13M

PLACENTIA, CA-Privately held Marcus Adams Capital of Los Angeles has acquired the 103,667-sf Placentia Corporate Center for $13.3 million in one of two office sales to close in this city in recent days, according to Grubb & Ellis. The buyer bought the office/R&D property at 721-781 Kimberly and 600-660 Placentia Ave. from Larkspur-based F&F Centerpark Associates LLC. The four-building project was 91% occupied at the time of sale. Kevin Shannon, Scott Schumacher and Michael Moore of Grubb & Ellis’ South Bay office and David Giglio and Jon Swallow of the firm’s Anaheim office represented the buyer and the seller.In the other Placentia sale, Clarion Mortgage Capital bought a 10,791-sf office building at 319 Palm for its corporate headquarters, paying nearly $1.5 million in a transaction brokered by Steve Schaner, Lori Smith and David Giglio of Grubb & Ellis. Clarion has already occupied the two-story building, where the company has relocated from leased space in Brea. The property was sold by an individual investor based in Torrance.In an Irvine office transaction, JAG Properties, an environmental engineering firm, purchased a 4,950-sf, two-story office building at 8875 Research Dr. in the Brenexus office park in the Irvine Spectrum from Bacchus Development for $1.3 million. JAG Properties, which will be relocating from leased space in the Irvine Spectrum, is slated to occupy the building later this month. Serge Vishmid of Grubb & Ellis’ West Los Angeles office and Chon Kantikovit of the firm’s Newport Beach office represented the buyer, with the seller represented by John Manion of the Nexus Cos.