Santa Ana High Rise and Office Medical Building Portfolio Trades Hands

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...

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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CommercialNationalOfficeOrange CountySalesWest

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