Group Buys Costa Mesa Office Park

A commercial development group said Friday that it has acquired the Scripps Center office park in Costa Mesa for more than $27 million. Scripps Redhill Associates LLC bought the three-building campus-style project, located on Red Hill Avenue, from ASP Holdings of Dallas. The complex, which includes such tenants as Canon Computer Systems, MacNeal Schwendler Corp. and Kimberly Olsten Healthcare, is fully occupied. The acquisition was made by a joint venture between Investment Development Services Inc., a Los Angeles-based commercial real estate services company, and Kennedy Associates Real Estate Counsel Inc., a Seattle investment advisory firm. The companies were drawn to Orange County by rising rents and low vacancies. “It’s a strong market,” said Rob Fuelling, Investment Development’s marketing director. Investment Development also owns Stonemill Design Center, a 129,000-square-foot, seven-building office project next to Scripps Center. In addition, the Los Angeles company is developing a $16-million office campus in Rancho Santa Margarita.