The Santa Ana headquarters of Abbott Medical Optics has been sold to a San Francisco-based investor.
Privately held real estate investment company Drawbridge Realty said it paid $37 million to buy 1700 E. Saint Andrew Place, a three-story office a few blocks from the Costa Mesa (55) Freeway.
The 171,330-square-foot building sold for about $216 per square foot.
It’s fully leased to Abbott Medical, a maker of laser vision technologies and a unit of Chicago-based Abbott Laboratories. The device maker has been at the location for about 14 years and has a lease there that expires in mid-2022.
The tenant will make upgrades to the property’s exterior and parking lot next year, according to building marketing materials.
The building’s annual rent is about $2.6 million, with automatic annual rental increases, according to the marketing materials. It was sold by a San Diego-based entity operating under the name Del Mar Partnership.
Louay Alsadek, Chip Wright and Ross Bourne of CBRE Group Inc., along with Paul Jones and Blake Bokosky of Newmark Grubb Knight Frank, represented the sellers.
Drawbridge Realty represented itself in the sale. It’s the company’s only current investment in Orange County.
The 10-acre property is close to a two-building office complex on East Saint Andrew Place that held the headquarters of Ingram Micro Inc. prior to its move last year to Irvine. That complex sold about a year ago for a reported $112 per square foot to Brookhollow Group, a Costa Mesa-based investment and development company, as Ingram Micro prepared to leave and no new tenants had been lined up.
Resort Plans
ValueRock Realty Partners, an Irvine-based real estate company that focuses largely on retail investments, is looking for a development partner for a mixed-use project it has planned near the Deer Valley ski resort in Utah.
The company said this month that it had obtained necessary entitlements and approvals for an 87-acre mixed-use project in the Deer Valley-Park City region of Utah, which is about 30 miles from downtown Salt Lake City.
Plans call for the Deer Cove project to hold more than 1,000 residential units, one or more hotels, retail and other commercial uses.
ValueRock and its affiliates bought the land in 2001. The company said it’s spent about $20 million in planning, engineering, infrastructure and water reservation fees to secure entitlement approvals for the project.
Project backers say Deer Cove should be a key part of turning the area, which is near some of Utah’s best-known ski resorts, into more of a year-round resort destination.
ValueRock isn’t planning on developing the project on its own. “We are actively seeking a joint venture development partner for Deer Cove,” said Chief Operating Officer Paul Quintiliani in a statement.
The company said it retained Newport Beach-based Bergstrom Capital Advisors Inc. to help it find a partner.
ValueRock also said that last month it reached an agreement with Utah’s Military Installation Development Authority that allows the developer to obtain tax increment financing for a substantial portion of the project’s on-site and off-site infrastructure costs.
Carolina Buy
Irvine-based Crown Realty & Development has made another investment in the North Carolina city of Durham, according to local reports.
The privately held company recently completed the purchase of the Berrington Center and Bradford Center office buildings, which are part of the Imperial Center, a mixed-use office and industrial park in the Raleigh-Durham corridor.
The two buildings total 224,779 square feet and sold last month for $46 million, according to the Triangle Business Journal. The deal works out to a price of about $205 per square foot.
The buildings are leased to Denver-based biopharmaceutical development company Quintiles Transnational.
Crown Realty has been an active buyer and seller in Imperial Center in recent years. In 2014 it sold a 705,000-square-foot business park there for about $44.2 million.
