NAI Capital Completes 99-year $287 Million Ground Lease in Santa Ana, CA
Irvine, CA, December 13, 2018– Executive Vice President David Knowlton, SIOR, CCIM and Senior Vice President Kirby Greenlee with NAI Capital’s Irvine office completed a 99-year ground lease for a 6.84-acre affordable housing development project in Santa Ana, California. David and Kirby represented lessor, Broomell Commercial Properties and lessee; Alexis Gevorgian of AMG & Associates, LLC, The Pacific Companies and Jamboree Housing. The transaction was valued at $287 million.
The ground lease incudes three parcels located at 2110, 2114 & 2020 East 1st Street in the city of Santa Ana. The site is in a densely populated region of Central Orange County. The buyer will develop two six-story buildings comprised of 552 workforce housing units and approximately 10,000 square feet of ground-floor retail space. Once complete, the project will be one of the largest affordable housing projects in the State of California. Construction is expected to commence approximately four months from now.
David noted, “This important project will help alleviate the chronic shortage for affordable housing in Santa Ana and the surrounding communities.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
# # #