Orange City Square Offices Sell for $89 Million

MGR Real Estate has added an office park in Orange to its Orange County holdings.

The Ontario, California-based firm purchased the Orange City Square business center at 750, 770, 790 and 840 The City Drive for $89 million, the Orange County Business Journal reported. The seller was Texas-based Granite Properties, L.A. Business First reported.

The property boasts Class A office space and retail “positioned directly adjacent to a major medical and institutional employment hub [at the University of California, Irvine Medical Center],” Michael G. Rademaker, founder and CEO of MGR Real Estate, said.

It’s the latest sale in the area near the Outlets at Orange shopping center, situated across the Garden Grove Freeway from Orange City Square.

Earlier this month, an affiliate of Astiva Health paid $23 million for a 10-story office building at 600 City Parkway. It bought the 204,000-square-foot property, currently about 50 percent vacant and leased mostly to healthcare tenants, from an affiliate of Greenlaw Partners. Over the summer, Newport Beach-based Surlamer Investments bought the 19-story, 369,134-square-foot City Plaza office building in Orange County from TPG Capital for $18.5 million.

MGR is no stranger to Orange County.

Last year, the company picked up a 12-story, 271,100-square-foot office tower at 2020 Main Street in Irvine for $53.7 million. The seller in that transaction was Prudential Financial real estate subsidiary PGIM. Hankey Capital provided MGR with a $33 million loan to buy the offices, which were 44 percent occupied at the time of the sale.

The year prior, MGR acquired the Canvas creative office campus in Costa Mesa for $91.5 million. The complex comprises 553,530 square feet across five buildings on an 11.3-acre property near the South Coast Plaza mall.

Rademaker founded his Ontario-headquartered firm in 1983. It focuses on commercial and residential real estate across Southern California.

— Chris Malone Méndez