ORANGE, CA—Professional Real Estate Services, Newport Beach (PRES), has purchased TriCentre, a 211,960-square-foot, class-A office building in Orange. TA Associates sold the property, with Cushman & Wakefield serving as the exclusive advisor. The purchase price was not disclosed.

"PRES was attracted to TriCentre for its unparalleled freeway location at the I-5/22/57 Freeways, its credit tenant roster and the ability to lease existing vacancy in a rising rent environment," said Jeffrey Cole, executive director with Cushman & Wakefield.

TA Associates was represented by Cole, Ed Hernandez and Greg Brown from Cushman & Wakefield's Irvine office.

TriCentre is an 83% leased, 10-story office building located at 333 S. Anita Drive. It is situated on 2.53 acres with a five-story parking structure. The property is visible to over 241 million vehicles annually because of its position at the intersection of I-5, SR-57 and SR-22. Tenants in the building include Farmers Insurance, Kondaur Capital and MegaMex Foods.

According to Cushman & Wakefield Research, Orange County's market fundamentals continued a strong growth trend through third quarter. Over last year at this time, overall vacancy dropped 2.4 percentage points (pps) to 12.0%, leasing activity increased 5.4% to 6.6 million square feet, overall absorption increased 72.2% to 1.1 million square feet and direct class A asking rent increased 11.0% to $2.82 per square foot per month (psf/mo).