(Save the date: RealShare Medical Office buildings comes to the Four Seasons in Scottsdale, AZ November 7 -8, 2012.)

GLENDALE, CA-Peregrine Realty Partners, a real estate investment and advisory firm headquartered in Newport Beach, CA, has purchased two class-A office properties totaling 153,029 square feet from an unnamed institutional owner for $28.5 million. 500 North Central Ave. and 501 North Orange St. here represent Peregrine’s first venture into the Los Angeles County market, since most of the firm’s properties are located in San Diego County, principal G. Ryan Smith tells GlobeSt.com.500 North Central Ave. is a nine-story, 126,209-square-foot office tower built in 1990; it is currently 93.3% leased to a diverse base of tenants with five core tenants representing nearly half the total square footage. 501 North Orange St. is a two-story, 26,820-square-foot medical-office building completed in 1990, which was renovated in 2005; it was then converted to a medical-office space in 2008. The property is currently 68.6% leased to two key tenants.

Jones Lang LaSalle represented Peregrine in the transaction. The medical-office building sale represents JLL’s second sale this year on behalf of the seller, having previously sold three buildings in Warner Center in this portfolio for $26.4 million in February.

The Glendale buildings are adjacent to each other and share a common subterranean parking garage, Smith tells GlobeSt.com. “We were attracted to it because of the quality of the asset, its location and current in-place cash flow. The Glendale market has a lot of good, quality product. It has suffered a little from higher vacancies, as many markets have, but if you take out the larger blocks of space, it’s a very tight office market.”

Smith adds that Peregrine looks for class-A product that is well-leased with smaller tenants, and this purchase was similar in terms of investment strategy to Valley Corporate Center in San Diego, which, as GlobeSt.com previously reported, Peregrine purchased in December 2011 for $34 million. Valley Corporate Center was the sixth acquisition by the firm in Southern California that year, including Old Town Plaza, a 60,000-square-foot office building in San Diego, and three industrial parks in Carlsbad. As GlobeSt.com reported in April 2011, these parks included El Fuerte Business Park and Carlsbad Oaks Commerce Center, which comprised seven buildings for $11.9 million.