Thirteen Orange County industrial buildings owned by Edison Co.'s real estate subsidiary, Mission Land Co., have been purchased by El Segundo-based real estate investment trust Kilroy Realty Corp.
The buildings, which are 10 to 20 years old, were part of a $43.6-million property sale that included a small office building in Torrance and a warehouse in Ontario.
Mission, which had developed more than 60 industrial buildings in Orange County, many of them in Garden Grove, has been trying to liquidate its real estate portfolio for years. "The properties involved in this sale represent the jewel of the holdings," said Timothy Joyce of the Seeley Co. in Irvine, which brokered the deal.
Kilroy, run by California developer John S. Kilroy, went public last January and has been on an acquisition binge, purchasing office and industrial properties in Los Angeles, Orange and Ventura counties.
The addition of the Mission properties, which are 98% occupied, brings Kilroy's total portfolio to 5.2 million square feet, evenly split between office and industrial buildings. About 2.2 million square feet of that is in Anaheim, Brea, Garden Grove and Irvine.
The Mission portfolio included six buildings totaling 275,971 square feet near Knott Avenue in Garden Grove, seven buildings totaling 276,278 square feet on Beacon Street in Brea, as well as 9.9 acres of land on Lambert Street in Brea.