Investors Keen for OC Office Buildings
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|Even with landlords out of the driver's seat, investors are looking for office properties in OC they can call their own. (In fact, office properties could be the in toy this Christmas.) A buyer who declined to be named spent $13.5M not long ago to acquire 15621, 15641 and 15661 Red Hill in Tustin (about 140k SF) out of foreclosure. According to Lee & Assoc's Kurt Bruggeman, who repped the buyer with Ryan Swanson, there was strong interest in the property, with 22 offers received by the special servicer. The attention was due to the price per SF and potential for significant upside in rents and value as the asset is stabilized. "There are other distressed assets in the market, but they are being snapped up more quickly these days as idle cash doesn’t earn a return," Kurt says. "Eventually, these distressed deals will be gone and the market values will increase substantially."|