COMMERCIAL REAL ESTATE
Buildings Auction: Uncle Sam unloaded a Newport Beach office building at the recent Federal Deposit Insurance Corp. auction.
The two-story, 15,800-square-foot building was purchased by its tenant, National Telephone, for $1.025 million.
“That’s substantially less than half of what it would have been worth in better times,” said Grubb & Ellis broker Henry Pritchett, who represented the FDIC in the sale.
A second Orange County building offered in the auction did not fare as well. Bids for the two-story, 41,000-square-foot building in Santa Ana fell below the undisclosed minimum set by the FDIC.
The Dec. 12 action, held in Dallas, concluded with 107 confirmed property sales totaling more than $225 million.