Dollinger Properties has acquired Fairway Center I, a 145,467-square-foot suburban office building in Brea, Calif., for $33.5 million. HFF arranged the sale on behalf of the seller, TA Realty. The building is 90.7 percent leased to five tenants.
The office building is situated at 1800 E. Imperial Highway, near the intersection of freeways 90 and 57, around 20 miles from downtown Irvine and John Wayne Airport. Additionally, the office is located close to the 1.3 million-square-foot Brea Mall lifestyle center.
Constructed in 1987, the two-story office building occupies 5.6 acres and features around 10,800 square feet of retail space, according to Yardi Matrix. Other features of the asset include a two-story marble lobby with a 25-foot circular skylight, lush landscaping, open floor plans and a parking garage.
“Extremely positive market fundamentals in the Brea office submarket, coupled with Fairway Center I’s longevity of credit tenants and areas for capital improvements, attracted a variety of private and institutional investors to the project,” said Mark DeGiorgio, director at HFF, in prepared remarks.
HFF’s investment advisory team included DeGiorgio and Senior Managing Director Michael Leggett. In March, the firm arranged the sale as well as the financing of Trade Centre South, a 216,038-square-foot office in Fort Lauderdale, Fla.