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6/23/15
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Red Rock Management has acquired Pacific Building, a historic 16.3k sf, mixed-use property in the Artist Village District of Santa Ana. The property was sold by Gumm Investments for $5.3 mil ($325/sf).
The Pacific Building is located at 225-227 N. Broadway and 214, 216 & 220 W. Third St, at the southeast corner of North Broadway and West 3rd Street, a signalized intersection in the heart of Downtown Santa Ana. The property is fully occupied by 11 tenants, including two on the ground floor: Chapter One, a modern local metropolitan-style restaurant and bar; and Downtown Sugar, a hip spa, beauty and personal care boutique. The Copper Door, a trendy nightclub, bar and lounge that hosts live local music on select evenings, is on the basement level, and a mix of creative office tenants are on the second floor.
The Pacific Building has been designated as a qualified historical property on the City of Santa Ana Register of Historical Properties. It has been extensively improved with a modern feel and design, while preserving the integrity of a building constructed during the 1925 Renaissance-revival era.
Avison Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, along with Gil Marrero of Voit Real Estate Services, represented the seller in the deal. The buyer was represented by Red Rock Capital Advisors LLC. The property was 100% leased at close of escrow, and the closing cap rate was approximately 6%.
“The Pacific Building is in the midst of Santa Ana’s downtown, which is growing and becoming widely recognized as a dynamic urban center that is home to a community of artists and theatrical productions, as well as eclectic shops, restaurants, and high-density residential options including live/work lofts,” said Pekarcik. “The renaissance of this area was attractive to the buyer, as the investment shows promising returns now and for years to come.”
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