Office Buildings

As part of a large Southern California buying spree, Arden Realty Group Inc. said it plans to purchase two Orange County office buildings for more than $35 million. The Beverly Hills real estate investment trust said Thursday it will buy the six-story Crown Cabot building on Crown Valley Parkway in Laguna Niguel and 1821 Dyer, a two-story building in Irvine. It will finance the purchases with the proceeds of an upcoming $260-million secondary stock offering.

M.F. Daily Home Ranch Partnership Ltd. of Camarillo has purchased a three-story office building in Camarillo for $3.2 million. The 40,000-square-foot building is in the Camarillo Business Center at 711 Daily Drive. Major tenants in the building are Computer Sciences Corp. and New York Life Insurance's NYL Care. Daum Commercial Real Estate Services represented the seller, William Meeker of Camarillo. CB Commercial represented the buyers, who have several real estate holdings in the county.

The state's largest office building, to be erected downtown, will bear the name of President Ronald Reagan under an executive order signed Monday by Gov. George Deukmejian. Reagan, a former California governor, "has served our nation with great distinction, providing vision and leadership that has again turned America into a nation that is strong, prosperous and committed to opportunity for all residents," Deukmejian said.

CT Realty in Newport Beach has paid $24.5 million for five office buildings, including four in Orange County, from Newport Federal, also in Newport Beach. Voit Commercial Brokerage, which represented both sides in the transaction, said Monday that the buildings contain a total of 265,787 square feet.

A land purchase-leaseback and leasehold mortgage loan of $9.5 million has been arranged for six three-story, 21,000-square-foot office buildings to be built at 3615 Ruffin Road in the Kearny Mesa area of San Diego. The financing was arranged with E. F. Hutton Life Insurance Co. by John Burnham & Co. of San Diego for Norwich-Van Raaphorst Properties, the developer. Construction is scheduled to begin in mid-March.

Spieker Properties Inc., a real estate trust based in Northern California, has moved into Southern California with several major office building purchases. Menlo Park-based Spieker recently spent $58 million on office buildings in San Diego and Orange County. One of the West Coast's largest real estate companies, Spieker owns 135 industrial, office and retail properties in Seattle, Portland, Oregon and Boise, Idaho, as well as California.

Despite opposition from neighbors, the Planning Commission has approved plans for two office buildings at the Imperial Golf Course, with the condition that the builder erect a wall and plant trees to screen the view of residents who live within 200 feet of the project. Some homeowners complained that traffic from the three-story office buildings would disrupt the quiet atmosphere of the neighborhood and that their properties would lose value.

Two office buildings have been purchased in Thousand Oaks for $4.3 million. Newbury Partners of Westlake Village acquired a 20,000-square-foot, two-story professional office building at 72 Moody Court for $2.1 million. The building, which is 100% leased, is occupied by Learning Tree University and Med Trans. The seller was Aldon Investments. Also sold was a free-standing 7,800-square-foot office building at 267 Hillcrest Drive, across from The Oaks mall.

Two San Fernando Valley office buildings have been purchased by New York-based Delma Properties for a total of more than $24 million, according to Madison Partners and Lee & Associates, brokers who negotiated the transactions. Privately held Delma entered the Los Angeles market in September when it bought the 18-building Warner Commerce Center complex in the Warner Center district for $15.6 million.