CBRE Finalizes Sale of 3 Hutton Centre in Santa Ana

CBRE arranged the sale of 3 Hutton Centre Drive, a 10-story office building in Santa Ana, Calif., on behalf of a private seller. CBRE’s Investment Properties' Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Pourcho and Nick Williams negotiated the sale to an all-cash high-net-worth investor.

“High-quality office assets in Orange County continue to be well received by the investment community as evidenced by the 21 offers received for the property,” said Mr. DeLorenzo, vice chairman at CBRE. “The new owner now has a generational Class A office building opportunity with in-place cash flow and income growth opportunities.”

Situated on 2.47 acres within a greater 46-acre master-planned mixed-use community, 3 Hutton Centre has seven tenants, occupying 62.2% of the building's 200,443 square feet. The office property was built in 1985 and, in 2018, underwent $3.5 million in capital and tenant improvements. The building's amenities include a state-of-the-art fitness center located on the penthouse level. The property offers shaded outdoor seating areas and is minutes from restaurants, hotels and retail destinations.

Over 631 parking stalls are located in an adjacent six-story parking structure for the building's tenants, with an additional 23 parking stalls in front of the building. Located in the Greater Airport submarket, the property sits across State Route 55, accessible from East MacArthur Blvd., from Orange County's John Wayne International Airport.

According to CBRE Research, in the third quarter of this year, the Greater Airport Area submarket saw the highest decrease in availability, lowering 108,00 square feet to 11.9 million square feet.