Sares-Regis Buys 24-Acre Office Park in Santa Ana

In another sign that Orange County’s commercial office market is sizzling, Sares-Regis Group said Thursday it has purchased a six-building, 24-acre office park in Santa Ana for nearly $50 million.

Sares-Regis, a commercial and residential development and management firm, bought the 429,297-square-foot Orange County Business Center from a General Electric Corp. real estate fund.

Rental rates for office space near the county’s airport have risen 30% in the last year, Sares-Regis director John Hagestand said, “and with no new competing office product being built, we see strong rent growth ahead.”