Anaheim Tech Center Sells for $11.6 Million

Touchstone Investments said Wednesday that it has purchased the two-building Anaheim Technology Center for $11.6 million from owner Principal Financial Group.

The privately held real estate investment company said in a press release that the 240,000 square feet in the business park is fully leased to such tenants as Nordstrom department store, Walt Disney Co. and KIK-FM.

The year-old Touchstone plans to move rents up to market rates over the next 24 months and sell or develop 2.4 acres of excess land.

The company said it owns $60 million worth of real estate and plans to buy an additional $100 million worth of property over the next 12 months.