The complex also has a 21-unit retail building, as well as two buildings that hold fast food restaurants.
The smaller tenant configuration and amount of short-term leases at the complex provide “an exceptional inflation hedge,” said Ryan Gallagher, senior managing director for the Irvine office of brokerage Holliday Fenoglio Fowler L.P., which represented Muller Co. in the sale.
The business park counts a replacement cost of about $200 per square foot, according to HFF’s marketing materials.
Gallagher also helped sell the Saddleback Business Park, a 388,224-square-foot industrial complex in Laguna Hills that traded hands for $62 million in mid-2009. The McFadden Centre sale is among the most expensive business parks in OC to sell since then.
“You don’t see them traded too often,” said Gallagher, who worked with colleague CJ Osbrink on the deal. Steven Hogberg, Matt Hammond, and Tim Muller with the Coreland Cos. were the local leasing representatives on the transaction.
Olen’s hoping for a few more deals— business parks as well as other properties—to hit the market this year and next, according to Olenicoff.
“We feel that there will be more deals coming to the market in the next two years as there [are] a whole lot of [commercial mortgage-backed security] loans in Orange County real estate coming due through 2015,” said Olenicoff, one of OC’s wealthier real estate owners. “Many of the projects will be impossible to refinance at the levels they are currently financed at, so we are hoping that we can take advantage of such opportunities.”
Olen also is making more noise on the development front these days.
It is ramping up leasing at the recently built Olen Parkcenter Plaza, a roughly 30,000-square-foot multi-tenant office project in Santa Ana.
The company also is in the early stages of seeking city approval for a 27,000-square-foot mixed-use project that could go up in San Clemente, next to the old city hall building there.