Compiled by Carol Park
The Hearn Co. paid Maguire Properties Inc. $112 million for the 230,605-square-foot office building at 18301 Von Karman Ave. in Irvine. The 11-story office tower sold for nearly $486 per square foot. The deal is set to close by the end of the year. The property includes a six-level, 770-space parking structure. Maguire acquired the Irvine building as part of a $2.9 billion portfolio purchase of former Equity Office Properties Trust space in Los Angeles and Orange counties from the Blackstone Group LP. Maguire sold the properties to help pay down the debt it incurred when it bought the 8 million square feet from Blackstone in February.
Santa Barbara-based Radius Investments LLC paid $21.8 million to an unnamed seller for the 85,340-square-foot Tustin Financial Center at 14511 Myford Road in Tustin. The two-story office building was 90% leased to seven tenants at the time of the sale. Tenants include a Tustin-based business specializing in health and wellness products, Assurant, Fantastic Sams, Diamond Tree and TTI Inc. The building sold for $255 per square foot. Gary Stache, Pat Scruggs and Anthony DeLorenzo of CB Richard Ellis Group Inc. represented both parties.
The Walgreen Co. paid $9.7 million to Superior LLC for a 10,837-square-foot building at 1726 Superior Ave. in Costa Mesa. The vacant, former Tower Records building is set to house a Walgreens pharmacy and store. The site sold for nearly $900 per square foot, a record for a Costa Mesa retail property, according to brokers. Richard Landess and Scott Landess of Strategic Properties Inc. represented the buyer. Ryan Gallagher and Michael Randall of Grubb & Ellis Co.’s Newport Beach office represented the seller.
Caster Cos. paid $8.2 million to Kiyan Partners for the 627-unit Forest Ridge Self-Storage building at 26390 Forest Ridge Drive in Lake Forest. The property sold for $13,000 per unit. Bob Benner of Self Storage Brokerage Inc. represented both parties.
An undisclosed Scottsdale investment firm paid $5.5 million to an unnamed seller for a mixed-use retail and apartment building at 514 E. Oceanfront in Newport Beach. Evan C. Barry and John Reinhardt of Marcus & Millichap Real Estate Investment Services represented the buyer and the seller.
Placentia Medical LLC paid $4 million to Linda Vista Associates for the Linda Vista Professional Center at 1000 and 1041 E. Yorba Linda Blvd. in Placentia. The center includes a two-story and three one-story medical office buildings totaling 19,144 square feet. The property sold for nearly $209 per square foot. Michael Lawrence and David Black of Marcus & Millichap represented both parties.
Please send real estate deals to deals@ocbj.com or to Orange County Business Journal, Attention: Deals, 2600 Michelson Drive, Ste. 170, Irvine, CA 92612. For sales, please list buyer and seller, sale price, square footage, building type, address and names of brokers and brokerages involved in the deal. For leases, please include tenant name, amount of square footage leased, type of space leased, value and duration of lease, address, landlord and brokers and brokerages involved in the deal.
