X hits on this document

8 views

0 shares

0 downloads

0 comments

1 / 2

ADVANCED

SIGN IN

WEB

SEARCH

CONNECT

Enter keyword(s)

Search

Your Email address

Posted date: 4/23/2007

Sign Up

Hutton Centre Tower Sells for $64 Million

Apparel/Surfwear Automotive Dining Economy Education Energy/Utilities Finance Government/Regulation Healthcare International Trade Law Manufacturing Media & Marketing Real Estate Retail Technology Tourism/Hotels Venture Capital

By Mark Mueller ORANGE COUNTY BUSINESS JOURNAL STAFF

Santa Ana’s 4 Hutton Centre office building, one of the more prominent buildings at the city’s southwestern edge next to Costa Mesa, has traded hands for about $64 million.

Legacy Partners Commercial, a Foster City-based real estate investor, was the buyer of the 10-story building at the San Diego (I-405) and Costa Mesa (55) freeways.

Santa Ana’s Triple Net Properties LLC, which uses the about three floors of the offices for its own operations, was the seller.

Value Appreciated

4 Hutton Centre: sold for about $305 per square foot

What is your favorite coastal OC hotel?

Like much of the county’s higher-end office buildings, the value of the 210,041-square-foot building, which is part of several buildings at Hutton Centre, has shot up dramatically in recent years.

j j j j Montage St. Regis The Island Laguna Cliffs Marriott

Triple Net bought the building two years ago for about $49 million, or $233 per square foot.

This time around, it sold for about $305 per square foot.

Much of that has to do with the building’s location in an area that’s seeing high-rise condominium development and retail projects, said Robert Smith, executive vice president for the Newport Beach-based office of CB Richard Ellis Group Inc.

j Hyatt Regency Huntington Beach

j Newport Beach Marriott

“I think this is the best transitioning submarket in Orange County,” said Smith, who along with CB Richard Ellis’ Michael Kane represented both parties in the sale.

j Hilton Waterfront

The Hutton Centre campus, which is being renamed MacArthur Place, is seeing two upscale condo towers being built by Nexus Cos. of Santa Ana, at a price of $350 million.

j

Ritz-Carlton

j

Balboa Bay

Club

j

Other

The 4 Hutton office building is on 2.7 acres, including a lake.

It’s the second big Santa Ana office sale Triple Net has made recently.

Vote

In early 2006, it sold the Xerox Centre office tower to Newport Beach-based real estate investor WCB Properties LP for $77.5 million.

View Results

Triple Net pooled together a group of investors to buy Xerox Centre, Santa Ana’s premier office building, for $60 million in 2003.

The real estate investor is “not exiting the California market by any stretch,” said Jeff Hanson, chief executive of Triple Net Properties Realty, which handles acquisitions and sales nationally for the company.

Triple Net counts a portfolio of about $4.6 billion, spread across about 30 states.

Document info
Document views8
Page views8
Page last viewedThu Dec 08 15:09:25 UTC 2016
Pages2
Paragraphs57
Words677

Comments