Lee & Associates Irvine Closes $3.4 Million Office Sale

COSTA MESA, Calif.— Jan. 31, 2013— Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $3.4 million office sale of Bristol Corporate Center in Costa Mesa, Calif. The all-cash transaction closed in 10 days.

Allen Basso and Brian Garbutt of Lee’s Irvine office represented both the buyer, Turner Real Estate Fund II LP, and the seller, Bristol Berry Tract, Ltd.

According to Basso, the buyer plans to rehab and modernize the building. “Investors are slowly returning to the low rise office market these days,” he commented. “We feel the values are at the bottom and now is the time to buy.”

Built in 1986, the 12-unit 30,165-square-foot property is located at 2755 Bristol St. The property, which is 87 percent leased, appealed to buyer because of its prime location, value and upside potential.