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Posted date: 4/23/2007
Hutton Centre Tower Sells for $64 Million
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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.
4 Hutton Centre: sold for about $305 per square foot
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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.
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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.
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“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.
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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.
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.
In early 2006, it sold the Xerox Centre office tower to Newport Beach-based real estate investor WCB Properties LP for $77.5 million.
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.