Schneider Financial Services of Los Angeles has acquired the assets of Hutton Center in Santa Ana and Hutton Associates, the operating company, in a transaction valued at more than $50 million, according to Lane Elliott, Schneider Financial Services president.
Hutton Center, at the Newport Freeway and MacArthur Boulevard near John Wayne Airport, consists of two office buildings--one under construction and one completed--totaling 600,000 square feet; two restaurants under construction, and 18 improved acres of land. Hutton Associates is a real estate development and property management company.
With these acquisitions, a new entity--Schneider/Hutton Associates--has been formed with Chris Felix as president. With the additional acquisition in January of Farr & Stone, insurance brokers, with offices in Pasadena and Newport Beach, Schneider Financial Services, owned by a large entity headed by entrepreneur Frank Schneider in Pennsylvania, is now a full service commercial real estate brokerage firm.