2 O.C. Properties Sell for Total of $110 Million
Two institutionally backed real estate investment groups this month agreed to pay $110 million to acquire a pair of well-known Orange County properties. New York-based DRA Realty Advisors’ $57-million offer beat out nearly a dozen other bidders for the 17-story Xerox Centre off Interstate 5 in Santa Ana. And Irvine-based Sares-Regis Group, investing with an institutional partner, made a deal for the 16-building Irvine Oaks complex in the Irvine Spectrum district even before Magellan Real Estate formally put the property on the market. Xerox Realty Partners agreed to lease about 75,000 square feet in the curved-glass tower before selling the Santa Ana property. Sares-Regis agreed to buy the Irvine Oaks complex from Phoenix’s Magellan for $53 million. The 320,000-square-foot campus-type property includes 12 existing single-story office buildings and four two-story buildings just being completed along Laguna Canyon Road.
