January 8, 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.”
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