Commerce Center Sold

Olympus Real Estate Corp., a Dallas-based firm that invests in mortgages, securities and real estate equities, has purchased the Orange Commerce Center, a 12-story office building in Orange, for an undisclosed sum.

The structure, a 205,000-square-foot building that was built in 1975, also includes a five-story parking garage. Situated at La Veta Avenue and South Main Street, the building’s largest tenant currently is St. Joseph Medical Group.

Heavy demand for commercial space in Orange County has dropped the vacancy rate from 14% a year ago to 9%, the lowest level since the mid-1980s, according to Grubb & Ellis’ midyear forecast. The real estate brokerage found that rents were expected to rise 25% or more over the next 18 months.

The commerce center is Olympus’ third investment in Orange County. It also owns the Brookhollow Office Park in Santa Ana and the Inn at Laguna in Laguna Beach. An Olympus spokesman said an extensive remodeling is planned for the newly acquired building’s lobby and exterior.