Dollinger Properties has paid $33.5 million for Fairway Center I, a 145,467-square-foot suburban office building in the Orange County community of Brea, California.
The seller was not disclosed.
Situated on 5.5 acres at 1800 E. Imperial Highway, Fairway Center I is located off of the 57 Freeway on Imperial Highway, which offers visibility to approximately 256,000 vehicles per day and provides access to more than 4 million square feet of retail and service amenities. Additionally, the property is near the 1.3 million-square-foot Brea Mall lifestyle center (owned by Simon). Fairway Center I is 90.7 percent leased to five tenants. The suburban office building features a two-story marble lobby with a 25-foot circular skylight, lush landscaping, open floor plans and a parking garage.
“Extremely positive market fundamentals in the Brea office submarket, coupled with Fairway Center I’s longevity of credit tenants and areas for capital improvements, attracted a variety of private and institutional investors to the project,” said Mark DeGiorgio of HFF, who represented the seller.
Dollinger Properties is a family-owned business focused on the acquisition, through construction or purchase, of multi-tenant R&D/industrial flex, multifamily and retail properties for long-term ownership. Today, the company owns and manages more than 70 premier properties in California representing more than 6 million square feet.
