First luxury homes, now a luxury office.
Both property types have been sold as of late by Alan and Twila True, serial entrepreneurs who run locally based True Family Enterprises.
After selling a Harbor Island estate last October for nearly $37 million—one of the priciest home sales in Orange County in recent years—the family this month sold a 26,600-square-foot Newport Beach office building for $12.3 million.
WindWater Real Estate brokered the office deal on behalf of the seller, which purchased the two-story building in 2014 and had been using it as its headquarters.
The building, at 2260 University Ave., is in the city’s Back Bay area.
The company will be relocating as the new buyer plans to occupy the property.
The sale “included high-end improvements offering a turnkey space for the new owners to immediately occupy,” according to Irvine-based WindWater.
The office sold for about $460 per square foot, while the Harbor Island home, bought by Chinese tech billionaire Eric Tan, CEO of mobile content aggregator Qutoutiao, sold for roughly $2,640 per square foot.
New Buyer
Excelera Investment LLC, an affiliate of Minneapolis-based healthcare firm Excelera, paid about $463 per square foot for the office, which was built in 1983 and saw a $6.5 million renovation in 2015.
It’s the first known Orange County location for the specialty pharmacy services company.
