A federal office complex in Los Alamitos in northern Orange County has been auctioned to a housing developer for $26.5 million.
The US government sold its 12.4-acre office property at 4,665 Lampson Ave. To a subsidiary of Laguna Beach-based MW Investment Group, known for developing urban housing.
Located near the Army’s Combined Forces Training Base, Poplar Plaza includes a two-story 88,000-square-foot building dedicated to the US Department of Education, as well as 387 parking lots.
A subsidiary of Ladera Ranch-based MW Investment listed the winning bid for the property at an auction in September. The sale closed last month, according to government records.
The auction started with an opening bid of $20 million before MW Investment beat five bidders for $26.5 million. Final sale up to $2.1 million per acre.
The building’s sole tenant is WestEd, a San Francisco-based educational NGO licensed to occupy the office. He will remain in his office rent-free through December, subject to the terms of the sale.
MW Investments has worked on planning and entitlements work for projects totaling more than 1,100 housing units since 2009, according to its website. Its combined development portfolio exceeds $500 million.
“We specialize in finding multifamily residential properties, townhouses and small development properties that are not being used to their full potential, and repositioning these properties with a new product type,” the company said in a statement.
The auction sale comes on the heels of some huge Orange County office deals.
Fullerton Towers, one of the largest office complexes in North Orange County, was traded this month for $45.5 million. Last fall, Amazon paid $165 million for a 30-acre campus in Brea, which is OC’s most expensive sale of the year. Two MacArthurs were also traded in Santa Anna for $98 million.[OCBJ] – Dana Bartholomew