Spieker Buys More Office Space in Brea
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BREA — As part of a large West Coast real estate purchase, Menlo Park-based Spieker Properties Inc. has acquired two properties in Brea.
The real estate investment trust purchased Brea Place, a five-building office park from a partnership of Copley Real Estate, Metropolitan Life Insurance Co., New England Life and Lowe Enterprises for $61.4 million. Lowe will continue to be a partner with Spieker, owning a small stake in the property.
The 490,000-square-foot complex also contains two adjacent parcels for commercial development, but Spieker officials say there are no plans for development at this time.
Spieker also purchased Brea Corporate Plaza, a 119,400-square-foot office building, for $12.1 million.
The purchases bring Spieker’s total holdings in Brea to 750,000 square feet--35% of the total office space in the city.
Spieker said the sites in Brea have easy freeway access to Los Angeles, Orange and Riverside counties, and the buildings could be purchased at prices significantly below replacement costs.
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