Buena Park Commerce Plaza Sold

Newport Beach-based institutional investor John Saunders closed escrow on the two-building Buena Park Commerce Plaza. Saunders, who took title of the 155,384-square-foot property under the single-purpose entity, BPCP, purchased the office complex for $17.875 million or just over $115 per square foot, on an 8% cap rate. Buena Park Associates LLC, a partnership between Birtcher Properties and New York-based Praedium Funds, sold the complex. The two 3-story office buildings are located at 6301 Beach Blvd. and 6280 Beach Blvd. and feature amenities such as three-story atrium lobbies, on-site management and conferencing facilities. Optima Asset Management, owned by Saunders, will handle the leasing of the complex, which was 84% leased at the time of sale. Jeff Hanson and Gregg Herbert of Grubb & Ellis represented both the buyer and seller in the transaction.