Santa Ana Office Park Trades for $32.8M

Benchmark Holdings purchased Alton Deere Plaza from TA Associates Realty. At the time of sale, the two-building, 185,245-square-foot property was 96 percent occupied.

Alton Deere Plaza in Santa Ana, Calif.
Alton Deere Plaza in Santa Ana, Calif.

Benchmark Holdings has acquired Alton Deere Plaza, an office park in Santa Ana, Calif., from TA Associates Realty. The 185,245-square-foot asset changed hands for $32.8 million. CBRE’s Shaun Moothart and Bruce Francis negotiated a five-year floating-rate bridge loan. Anthony DeLorenzo, Gary Stache, Sean Sullivan, Todd Tydlaska and Ted Snell of CBRE represented the seller.

High occupancy

Alton Deere Plaza is located at 1920-1940 Deere Ave., in the heart of the Irvine Business Center. The property offers convenient access to and from Costa Mesa Freeway and San Diego Freeway, as well as the John Wayne Airport. The asset features one- and two-story office buildings. At the time of sale, Alton Deere Plaza was 96 percent leased to 21 tenants, including Verizon, XO Communications and American Cancer Society. According to Yardi Matrix data, TA Associates Realty acquired the property in 2005 from CarrAmerica Realty for $33.7 million.

Earlier this month, CBRE also arranged the sale of a two-story, 40,000-square-foot San Diego office building.

Image courtesy of Yardi Matrix