Miller Brothers Eureka Road One LLC, a 1031 exchange buyer, has acquired a 43,800-square-foot multi-tenant office building at 330 East Lambert Road in Brea, California, from Brea Metro LLC for $8.675 million.
Avison Young principal Alan Pekarcik and senior associate Chris Smith, who are both based in the Irvine, California, office, participated in the transaction, while Tim Walker and Steve Heimuli of Lee & Associates represented the seller and the buyer was represented by Colliers International.
Built in 1988 as a single-tenant build-to-suit, the two-story asset underwent a complete renovation and conversion to multi-tenant use in 1997. Situated on approximately 2.4 acres, the property is 100 percent occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services, and Merchant Money Corp.
“This high-quality property was attractive to the buyer, as it has had consistently strong occupancy and is well-located in a densely populated north Orange County location near the 57 freeway,” Pekarcik says. “The property also offers easy access to major retail and entertainment centers, including the Brea Mall, Brea Downtown, and Gateway Center, providing an amenity-rich professional business environment.”