NEWPORT BEACH — A partnership headed by Layton-Belling & Associates made its largest purchase yet, acquiring the nine-building Von Karman Corporate Center in Irvine for $38 million.
Standard Fire Insurance Co. sold the 450,000-square-foot office and industrial complex at Von Karman Avenue and Alton Parkway as part of a plan to shed some of its real estate portfolio.
The 90% occupied campus, which was built between 1981 and 1985, houses game maker Interplay Productions, Chicago Title & Trust Co. and Ikon Office Systems.
"It's in an excellent location, where vacancies are declining and rents increasing," said Phil Belling, Layton-Belling principal.
The Irvine Business Center purchase is just the latest in a string of Southern California investments by the Newport Beach firm and its partner, Boston-based investment advisor Aldrich Eastman & Waltch.
In the past two years, the group has purchased about 5 million square feet of office and industrial properties from Los Angeles to San Diego, including the 107,000-square-foot Talbert Building off the San Diego Freeway in Fountain Valley.
Belling said Layton-Belling also is targeting other Orange County office and industrial acquisitions.
He declined to comment on speculation that the partnership is planning to go public with its Southern California real estate portfolio and form a real estate investment trust.