Moreno Insurance, which specializes in both consumer and commercial coverage, has purchased for $3.75 million a two-story office building in Yorba Linda that it will occupy as its new headquarters facility, Colliers International has reported.
Located at 22860 Savi Ranch Road near Old Canal Street, the free-standing building totals some 22,500 square feet and underwent a complete renovation in 2009, according to Colliers Senior Vice President Chuck Wilson who, along with Senior Associate Brian Chastain, represented the building’s owner in the transaction, CAPA Property Management.
“This is one of the highest profile suburban office properties in the entire north Orange County market and for that reason alone it was a positive investment opportunity for the buyer,” said Wilson. “In addition to the investment side of the purchase, though, was the practical side -- the company will now be able to comfortably house its growing operations in a central location with amenities rarely found in a suburban office facility.”
Among those amenities are its business park setting, a nearby retail center featuring restaurants and national retailers, and direct access to major surface transportation routes. The building features access to the adjacent Riverside Freeway (SR 91) and to the nearby Orange Freeway (SR 57) and the San Joaquin Hills Expressway (SR 241).
While Colliers’ Wilson and Chastain, who are based in the firm’s Irvine offices, represented the property’s owner, Lee & Associates’ Gary McArdell of that firm’s Newport office represented Moreno in the transaction.