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August 11, 2022
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SOUTHERN CALIFORNIA NEWS
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Class B Office Building in Santa Ana Trades for $11.8 Mil

7/14/22

A 10-story, 107.2k sf office building in Santa Ana sold for $11.8 mil ($110/sf). The Broadway Building, located at 1600 N Broadway, is a Class B office building, built in 1970 and renovated in 2007.

In 2007, the structure underwent extensive renovations including newly painted exterior, new lighting, tile and darker tinted glass exterior. There is a four-story parking structure attached to the building with approximately 280 parking spaces.

The property is within an opportunity zone and adaptive reuse project incentive area, minutes away from the Orange County Clerk and Recorderís Office, Santa Ana Public Library, Superior Court of Orange County, and Orange County Civic Centre. The project was approximately 30% occupied at the time of the sale.

Steve Liu and Nikki Liu with NAI Capital Commercialís Investment Services Group represented both seller, Concourse COI Investment LLC, and buyer, 1600 N Broadway LLC, in the transaction. According to Nikki Liu, the seller was pleased with the shorter due diligence timing considering this was an adaptive reuse play to convert to apartments.




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