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American National, a Brookfield subsidiary, sold a 128K SF flex office campus in Costa Mesa to Greenlaw Partners for $36.3M.
The property at 2915 Red Hill Ave., known as the Stonemill Design Center, is 94% occupied by office and industrial tenants, according to The Real Deal. The property was marketed as a redevelopment opportunity.
A Newmark team led by co-Head of Capital Markets Kevin Shannon brokered the deal.
The sale price for the 8-acre campus works out to approximately $280 per SF.
Orange County's industrial market had a 4.9% vacancy rate in Q4 2025, a slight decrease year-over-year, according to CBRE. Its office market had a vacancy rate of 18.3%, staying roughly flat year-over-year, a Cushman & Wakefield report shows.
Last fall, Alterra IOS acquired a nearly 14-acre industrial outdoor storage facility in Riverside from Greenlaw Partners. The sale price wasn't disclosed.
Greenlaw has had some trouble with its SoCal portfolio. Walton Street Capital and Greenlaw Partners lost a 350K SF office tower in Orange in 2024 after defaulting on $64M in debt, according to TRD.
Brookfield Asset Management Reinsurance Partners acquired American National in a $5B, all-cash transaction in 2022.
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