August 12, 2019 — Newmark Knight Frank (NKF) announced today the $97.5 million sale of Pacific Center, a two-building, 390,600 square-foot office campus located at 1600 and 1610 East Saint Andrew Place in Santa Ana, CA. The 85 percent-occupied asset is within an Opportunity Zone and is part of Orange County’s Greater Airport Area office submarket.
NKF’s Executive Managing Director Paul Jones, Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Brunson Howard, Managing Director Blake Bokosky and Senior Associate Brandon White represented the seller, a joint venture of Los Angeles-based PCCP, LLC and Costa Mesa-based Brookhollow. The buyer, Drawbridge Realty, was self-represented.
“Drawbridge Realty owns the adjacent single-tenant office building next to Pacific Center and now controls more than 34 contiguous acres in an Opportunity Zone, which offers favorable tax benefits to owners,” said Jones. “This asset is one of Orange County’s largest office sales over the past 12 months and is a good addition to the buyer’s existing Orange County portfolio.”
Pacific Center is situated on approximately 24 acres and includes nearly 2,100 parking spaces, outdoor collaborative areas, prominent corporate identity, high ceilings, large floor plates and significant window lines. Developed in 1992, both buildings are two stories and underwent an extensive, $3.5 million renovation by the sellers in 2017. 1600 East Saint Andrew has one tenant, home mortgage company, Mr. Cooper, and 1610 East Saint Andrew has three tenants, Advantage Sales & Marketing, Collectors Universe, and CNI.
The property provides access to business, residential and recreational amenities and is proximate to many of Orange County’s most prominent retail centers including the District at Tustin Legacy, Tustin/Irvine Marketplace, South Coast Plaza, and the future master-planned mixed-use Cornerstone Tustin Legacy.