A private investor has acquired Fairway Center II, a multitenant office property in Brea, in a transaction facilitated by CBRE. The 135,308-square-foot building, located at 675 Placentia Ave., traded for $27.8 million. CBRE represented the institutional seller in the disposition.
The buyer, The Whittier Comstock, LLC, a subsidiary of MW Investment, LLC and owned by Matt Waken, purchased the asset as an investment. With this transaction, The Whittier Comstock, LLC assumes ownership of Fairway Center II, which is positioned as an established office asset in the local market.
CBRE’s National Office Properties team led the sales effort for the seller. Anthony DeLorenzo of CBRE, together with colleagues Sammy Cemo, Bryan Johnson and Jackson Marlow, represented the institutional seller in marketing the property and negotiating the sale. According to DeLorenzo, the offering drew strong attention from both investors and potential owner-users.
“Fairway Center II attracted significant interest amongst the investment and owner/user community alike,” DeLorenzo said. “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 level of interest and speed of execution underscore active investor engagement for this type of office product in Brea.
On the financing side, CBRE’s Debt & Structured Finance practice arranged debt for the buyer. Shaun Moothart and Andrew Post of CBRE secured the financing package on behalf of The Whittier Comstock, LLC. Specific loan terms and the lender were not disclosed.
At the time of sale, Fairway Center II was reported to be 70.5% leased. The property is anchored by the County of Orange, which occupies more than 61,000 square feet under a long-term lease. The combination of a sizable government tenant and leasing upside provided the framework for the buyer’s investment thesis and contributed to the asset’s appeal among the competitive field of bidders.
