McFadden Center Sells for $30.7 Million
The busy Santa Ana-based mixed-use center is 98 percent leased
SANTA ANA, Calif.—January 9, 2015—The McFadden Center, a 184,737-square-foot retail and office complex, was sold for $30.7 million. Located at 1714 East McFadden Avenue in Santa Ana, Calif., the center was owned and operated by Olen Properties in Newport Beach.
The Buyer, Newport Asset Management Group, LLC, was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine.
“McFadden center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” said Swanson.
McFadden Center, which includes 57 tenants, is comprised of 11 buildings consisting of two retail pads, one retail-in-line building with 18 suites and eight business park buildings, which contain 79 suites with a mix of office. With only two vacant suites, overall occupancy is 98 percent with a seven percent cap rate.
According to Swanson, Newport Asset Management plans to hold the property for the long-term and plans to renovate the retail center and façade to provide a higher image feel to the project over time.
Olen Properties was represented by Mike McCann, Ryan Gallagher and Dan Curtis of HFF.
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