Content area
Full text
REAL ESTATE: $24.5M for Santa Ana center; eyes more
Newport Beach-based Olen Properties Corp. has snapped up a Santa Ana business park for $24.5 million and has its eyes open for other local deals.
The real estate owner and developer, Orange County's second-largest commercial property owner, recently closed 311 the buy of McFadden Centre, an 184,737quare-foot business park just off the Costa Mesa (55) Freeway along McFadden Avenue.
The 11-building complex, which is about 88% leased, sold for about $133 per square root It's one of the larger multi-tenant business parks to trade hands in the area over the past Pew years.
It's the second notable local business park wquisition in the past few months for Olen. [he company paid a reported $18.8 million for be nine-building Mission \riejo Commerce Park, a 146,000-square-foot property in Mission Viejo, a few months ago. That deal ranked as the county's priciest industrial sale in the fourth quarter of 2011, according to Washington, D.C.-based market tracker CoStar Group Inc.
7 Million SF
Olen now owns morn than 7 million square feet of office and industrial space, much of it in DC and is believed to be the biggest office landIord here besides Newport Beach-based Irvine Company.
...