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8/12/19
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Drawbridge Realty has purchased Pacific Center, a 390.6k sf, two-building corporate office campus in Santa Ana, for $97.5 mil ($250/sf).
Located at 1600-1610 East Saint Andrew Place, west of the 55 Fwy and south of Edinger Ave, Pacific Center is situated within the Greater Airport Area office submarket near John Wayne Airport. The location offers strong freeway access and a multitude of retail, office, and housing options.
The project provides well-staggered lease expirations from its four current tenants, which are leaders in their respective industries. Tenants include Nationstar Mortgage, Advantage Sales and Marketing, Collectors Universe, Inc., and Career Networks Institute, Inc. Pacific Center is Drawbridge’s fourth Orange County investment. Drawbridge will now own and manage over 1 msf in the greater Orange County market.
“Pacific Center was recently renovated in 2017 and now has strong anchor tenants in place,” notes Chris Elmendorf, Vice President, Investments at Drawbridge. “Combining the campus with our neighboring investment at 1700 East Saint Andrew Place, Drawbridge now owns over 37 acres of contiguous land and improvements strategically located in an opportunity zone.”
The seller, a joint venture of Los Angeles-based PCCP LLC and Costa Mesa-based Brookhollow, was represented by Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky, and Brandon White of Newmark Knight Frank.
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