CBRE Facilitates $27.85 Million Sale of Fairway Center II Office Property in Brea, California

CBRE facilitated the $27.85 million sale of Fairway Center II, a 135,308-square-foot office property located at 675 Placentia Avenue in Brea, California. CBRE represented the institutional seller. The Whittier Comstock, LLC, a subsidiary of MW Investment, LLC and owned by Matt Waken, acquired the property.

CBRE's Anthony DeLorenzo with National Office Properties, along with Sammy Cemo, Bryan Johnson and Jackson Marlow, represented the seller in the transaction. Shaun Moothart and Andrew Post of CBRE's Debt & Structured Finance practice secured the financing for the buyer.

“Fairway Center II attracted significant interest amongst the investment and owner/user community alike,” said DeLorenzo, vice chairman at CBRE. “We received multiple competitive offers from a variety of buyer profiles and awarded the property to a private investor within the first 30 days of marketing.”

“The capital markets environment for office properties continues to improve. We were able to secure financing with a sub-6% interest rate, creating a positive leverage outcome that would not have been possible a year ago,” added Shaun Moothart. “The strong lender response reflects growing confidence in well-located office assets with durable tenancy and compelling relative value.”

Fairway Center II is a three-story office building situated on 7.38 acres in North Orange County. The property was 70.5% leased at the time of the sale. The property is anchored by the County of Orange, which occupies more than 61,000 square feet under a long-term lease, and is further leased to a diverse roster of office tenants.

The property features 617 parking spaces, including an on-site parking structure and is located along Brea's Imperial Highway corridor with immediate access to State Route 57 and connectivity to Orange County, Los Angeles and the Inland Empire.

According to CBRE Research, North Orange County's office market continues to outperform the broader Orange County office market, supported by limited new construction, strong transportation connectivity and steady demand for well-located low-rise office properties. Brea's strategic location, educated workforce and access to multiple Southern California employment centers continue to make the city an attractive destination for office occupiers and investors.