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6/08/17
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A SoCal-based 1031 exchange investor paid $58.9 mil for 200 Center, a 191.6k sf, Class A high-rise office building located in Downtown Anaheim. The asset is occupied entirely by St. Joseph Health System, which has a long-term lease with 10 years remaining.
Located at 200 West Center Street Promenade, 200 Center is situated on just over two acres of land and consists of an eight-story office building and a six-level parking structure. The property was built in 1992 and underwent a renovation in 2015. The asset offers distinctive architectural design, expansive window line, a fitness facility, outdoor collaborative area, ample structured parking and some of the best walkable amenities in all of Orange County.
Wanting to be exclusive to one building in an amenity-rich location, St. Joseph Health System consolidated and relocated to 200 Center from numerous locations throughout Orange County in 2015.
Kevin Shannon, Paul Jones, Ken White and Blake Bokosky with NGKF Capital Markets represented the institutional seller, a joint venture between Mariner Real Estate Management and PRES Companies. NGKF Capital Markets’ David Milestone and Brett Green executed the debt on behalf of the buyer.
“The Downtown Anaheim area has undergone a drastic transformation over the past several years with the addition of numerous eateries and shops like the Anaheim Packing House and the weekly farmers’ market,” said Jones. “The revitalized location, coupled with the stability and security of having an investment grade credit tenant on a long-term basis was extremely attractive to the buyer.”
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