The building, known as Bristol Corporate Center, runs about 30,000 square feet and sold for $3.4 million. It’s a few blocks from the Lab and Camp shopping centers.
Turner is planning a major renovation of the office, where tenants include Talonvest Capital Inc., a commercial real estate finance company that specializes in self-storage facilities.
The Costa Mesa purchase comes a few months after Turner paid $2.5 million for a 29,330-square-foot industrial building in Orange in a foreclosure sale.
“While we’ve been bullish on the Phoenix-Scottsdale market for some time, we always remain open to strategic opportunities to acquire properties in Southern California, where we’ve specialized in commercial real estate investment and development for more than 30 years,” Chief Executive Rusty Turner said.
Turner worked with Brian Garbutt and Allen Basso, brokers with the Irvine office of Lee & Associates Commercial Real Estate Services, to complete the Costa Mesa transaction within 10 days, the company said.
JPMorgan Affiliate Buys Industrial
An affiliate of JPMorgan Chase & Co. has paid a reported $25 million for an industrial building in Huntington Beach, according to property records.
14520 Delta Lane, a 187,000-square-foot warehouse and distribution facility that holds the headquarters of Ramp Logistics, among other tenants, traded hands for about $134 per square foot in an all-cash deal, according to CoStar Group Inc. records.
The building was sold by Costa Mesa-based Burke Real Estate Group, which built the property in 2006.