NAI Capital Completes Sale of $5.5M Senior Housing Redevelopment Site in Orange, CA
Irvine, CA – October 24, 2019 – Senior Vice President Steve Heri and Vice President Steve Gim with NAI Capital’s Multifamily Services Group completed the sale of a 65,000 square foot senior housing redevelopment site in Orange, California. Heri and Gim represented both the buyer, OSH, and seller, Universal Bank. The property sold for $5.5 million or $84.62 per square foot.
Located at 1249 E Katella Avenue, the site included a two-story multitenant office building built in 1974. The property has excellent street visibility on Katella Avenue. The site is in a high-traffic, densely populated area of North Orange County. The building was 100% vacant at the time of the sale and will be completely redeveloped. OSH plans to redevelop the property into a 74-unit senior housing facility.
Heri said, “We are seeing strong demand for senior housing in the marketplace. This property’s strong demographics and excellent location made it a great long-term investment for my client.”
“Today’s low interest rates favor new investment. This is an excellent opportunity for a developer to take advantage of the senior housing market,” commented Gim.
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 375 Offices and 6,000 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 375 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 6,000 local market professionals, managing in excess of 1.15 Billion 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.
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