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Commerical Real Estate

Deals

April 07, 1998

A partnership led by Irvine-based Sares-Regis Group has purchased the six-building Orange County Business Center in Santa Ana from GE Investments for $48 million, according to Peter Rooney, Sares senior vice president. The 429,000-square-foot complex of two-story buildings near the Costa Mesa Freeway and Dyer Road is 96% occupied and contains land for an additional 50,000-square-foot building, which Sares plans to begin this year, Rooney said. The property, which was developed in the mid-1980s by a partnership of Birtcher Development and GE, was the subject of intense bidding, Rooney said. Steve Silk and Jay Borzi of Cushman & Wakefield brokered the sale.

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Kennedy-Wilson Inc. has acquired a 17-story office tower at 6380 Wilshire Blvd. in Los Angeles for about $14 million. Santa Monica-based Kennedy-Wilson bought the 55%-leased, 1967-vintage building from RPD Properties, which had acquired it through a portfolio acquisition six months ago, said Bob Safai of Madison Partners, who brokered the transaction. Nick Kanieff, Kennedy-Wilson's managing director of commercial real estate investments, said the new owner will renovate the 131,750-square-foot property to bring it up to "Class A" status while marketing the space to entertainment industry tenants.

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A Los Angeles real estate investment trust purchased a 608-unit apartment complex in Newbury Park for $50.5 million. Prometheus Southern California II--owned by Maxim Property Management--sold the 1800 W. Hillcrest Drive building to Essex Property Trust, according to broker Cathy Harrington of Marcus & Millichap, who represented the buyer and seller.

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The Bascom Group of Irvine bought a 105-unit apartment complex at 616 Esplanade Ave. in Redondo Beach from Esplanade Village, a private real estate partnership, for $9.75 million. John Walsh of Millennium Realty Advisors represented the buyer and Mike Krantz of Southwest Investments represented the seller.

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