Santa Ana High Rise and Office Medical Building Portfolio Trades Hands
Santa Ana, CA, Friday, January 08, 2016– Senior Vice President Roger Niez, and Vice President Steve Liu, both with NAI Capital’s office in Irvine CA, represented the seller Broadway Sycamore Partners Llc on a two-building 104,250 square foot office portfolio sale in Santa Ana, Calif. The sale price was undisclosed. The buyer was Concourse COI Investment LLC.
The Broadway Building, located at 1600 N Broadway is a 10-story 99,571 square foot class B office building, built in 1970 and renovated in 2007. It had in 2007 extensive renovations including newly painted exterior, new lighting, tile and darker tinted glass exterior. There is a 4-story parking structure attached to the building with approximately 240 parking spaces. The property is in a prominent business district just minutes away from the Orange County Clerk & Recorder’s Office, Santa Ana Public Library, Superior Court of Orange County, and Orange County Civic Centre. The project was approximately 60% occupied at the time of the sale.
The second building is located at 1506-1512 N Sycamore Street. It is a single story 4,679 square foot office medical building built in 1956 with a large lot and abundant parking. These 2 additional parcels have future development possibilities.
Niez said, “When well located value-added office properties hit the market we are able to sell them fast to our cash investors. This was a tremendous opportunity for an investor to purchase a well located office building and increase occupancy to add value.” Liu added, “This has a great future development potential as the office market continues to heat up and rents rise.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate organizations, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, 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.
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To learn more, visit www.naicapital.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate 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. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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