O’Donnell Property Services Agrees to Sale : Acquisition: South Carolina firm buys Orange County’s third-largest commercial real estate management company.

O’Donnell Property Services Inc., Orange County’s third-largest commercial real estate management firm, said Friday that it has agreed to be sold to a South Carolina firm.

Terms of the deal, in which O’Donnell Property will be acquired by Insignia Financial Group Inc. in Greenville, S.C., were not disclosed.

With 7.1 million square feet of mostly industrial office in Orange County space under its management, overall O’Donnell manages 160 properties totaling 24 million square feet of commercial and industrial space.

The deal would allow the company “to continue as the leading client satisfaction company . . . on a much larger playing field with many more opportunities for our clients and employees,” John O’Donnell, the company’s chairman, said in a prepared statement.

The company refused to elaborate on the transaction.

O’Donnell Property’s specialty in industrial properties and its long presence in California fit with Insignia’s plans to expand its West Coast presence and the types of properties it manages.

The acquisition would be Insignia’s second major purchase in California in the last year.

Insignia, known primarily as a manager of apartment properties, bought Allegiance Realty Group Inc. in Los Angeles last year. Allegiance was the property management division of the Balcor Co.

The O’Donnell Property purchase will increase the amount of California property under Insignia’s management from 9 million square feet to 33 million square feet of commercial and industrial real estate. Insignia also expects that the deal would boost its annual revenue by more than $10 million.

“We see this as a great investment opportunity,” said Ronald Uretta, chief financial officer at Insignia. “It plays off their strengths as an industrial manager, which will fit into our needs in the California market.”