An eight acre flex office campus located in Orange County sold for $36.3 million.
Brookfield is the seller, via its earlier all-cash $5 billion acquisition of American National, and Greenlaw Partners is the buyer, property and business records reveal.
Neither buyer nor seller immediately responded to a request for comment.
The Costa Mesa property called the Stonemill Design Center, at 2915 Red Hill Avenue, consists of seven flex office buildings that total about 128,000 square feet. The deal comes out to around $280 per square foot. The property is near John Wayne Airport and the Irvine Business Complex, which a Lennar-backed joint venture recently purchased for $232 million and plans to convert to residential. That deal came out to more than $530 per square foot.
The campus on Red Hill Avenue is 94 percent occupied by a mix of industrial, office and other commercial tenants, per a release that did not disclose price or parties but called it a “redevelopment opportunity.” A Newmark team led by Kevin Shannon brokered the deal.
Costa Mesa offices have an 18 percent vacancy rate, according to the latest CBRE data, and Costa Mesa’s industrial sector has a 5 percent vacancy rate. That is higher than the Orange County office average – which is the lowest it’s clocked in the last five quarters at less than 15 percent – but on par with industrial.
Headquartered in Irvine, Greenlaw has made several deals recently. This includes the sale of a 204,000-square-foot property at 600 City Parkway near the Outlets at Orange to a company connected to Astiva Health for $23 million in December; and in October, Alterra purchased an almost 14 acre industrial outdoor storage facility in the Eastern Inland Empire from Greenlaw.
The company has seen some distress, too. In 2024, Walton Street Capital and Greenlaw Partners lost a 350,000-square-foot office tower at 1 City Boulevard West in Orange, after defaulting on $64 million in debt.
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