“We have been a net seller (locally) in the past (few) years. It’s just been a harder market to buy in than to sell,” Hanson said.
In 4 Hutton’s case, the company’s pool of investors “saw this as an opportunity to sell in a very strong market,” he said.
The building counts about 18 tenants, including the headquarters of mortgage company Stearns Cos., Fort Worth, Texas- based architect and engineer Carter & Burgess Inc., Scotts Valley-based Borland Software Corp. and Richmond, Va.-based LandAmerica Financial Group Inc.
The building is about 85% full.
Hutton Centre “is positioned well to capitalize on rent growth in the market,” said Ted Tapfer, senior vice president for Legacy Partners.
The deal is the third big transaction between Triple Net and Legacy Partners.
Last month, Legacy paid $149 million for the 27-story One World Trade Center in downtown Long Beach. G REIT Inc., a company managed by Triple Net, was the seller.
Last July, Legacy paid $96 million to buy 600 B Street, a San Diego office tower, from G REIT.
Are more Orange County deals in the works for Legacy?
“We like the long-term outlook,” Tapfer said. “It’s high on our list.”
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