Despite challenges in the office sector, Orange County recently recorded a significant sales transaction in the area’s office market. According to a recent report from the Orange County Business Journal, Buchanan Street Partners acquired a 301,328 square foot office property in Buena Park for $71 million, or about $236 per square foot. The property was sold by TA Realty LLC.
The property, which is located at 7050-7150 Village Drive and consists of five buildings. At the time of the sale, the property was approximately 99 percent occupied, the report notes. Tenants at the office complex include MashStudios, Camel Grinding Wheels and Hochiki, among several others.
The property last traded in 2016, when it was acquired by TA Realty for $41.1 million, or about $139 per square foot. The most recent sale of the building features an approximately 73 percent markup.
Founded in 1999, Buchanan Street Partners is headquartered in Newport Beach. Since it was founded, Buchanan has invested in over $8 billion of real estate debt and equity investments, according to its website.
Buchanan has been active in the Orange County office market for quite some time.
Earlier this year, the firm sold a two-building office property in Newport Beach for $20.4 million, or approximately $477 per square foot. The property totals 42,697 square feet and is located at 1400 and 1420 Bristol St. North, according to a recent report from The Registry. The property was previously purchased by Buchanan in 2020 for $11.5 million.
