Commercial Scene : Norwalk Site Sells for $61 Million

An investment group led by Hutton Development Co. has bought a 30-acre parcel in Norwalk from Bechtel Investments Inc. for $61 million.

Hutton has named the site at 12400-440 East Imperial Highway the Hutton Imperial Centre. It includes two seven-story office buildings with a total of 785,000 square feet of space.

The majority of the complex serves as the Southern California headquarters for San Francisco-based Bechtel, which has signed a lease to rent back its space from Hutton.

Hutton plans to rent the remaining space in the complex to other tenants and may also build additional office or other space on the site, said Christopher Felix, Hutton’s president.

The acquisition is the latest in a string of purchases by Hutton, an 11-year-old firm based in Santa Ana. The company buys, builds and manages office, retail and light-industrial projects in Southern California and across the nation.