Two Orange County Buildings Hit Market

IRVINE, CA-“The sales market is seeing a substantial amount of activity compared to 2009, which in large part is due to the cost of capital and the amount of distressed deals within the market,” Baker Morphy, a vice president in the capital markets group at Jones Lang LaSalle tells GlobeSt.com. Morphy is serving as the exclusive broker for a deal here in Orange County, where Conexant Systems Inc., a supplier of innovative semiconductor solutions for imaging, audio, embedded modem, and video surveillance applications, today announced that it has signed an agreement with Uptown Newport LP to sell property adjacent to its Newport Beach headquarters for $23.5 million.

In addition, over in Irvine, CA, the Orange County office of Holliday Fenoglio Fowler LP has been named to market for sale Alton Corporate Plaza, a two-building, 205,000-square-foot stabilized office campus. HFF senior managing director Ryan Gallagher and director Kelly Rohfeld will market the property on behalf of the seller, Legacy Partners. The property is offered for sale without a formal asking price, however, according to Gallagher, “Alton Corporate Plaza is expected to attract bids of about $180 per square foot or $37 million. At that price, the buyer’s initial annual yield would be about 7.5%,” Gallagher adds.