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1/13/16
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A two-building, 104.3k sf office portfolio sale in Santa Ana traded hands. The buyer was Concourse COI Investment LLC and the seller was Broadway Sycamore Partners Llc.
One of the structures, the Broadway Building, is a 10-story, 99.6k sf, Class B office building at 1600 N. Broadway. It was built in 1970 and renovated in 2007.
Renvoations in 2007 included 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 situated 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, 4.7k sf office medical building built in 1956 with a large lot and abundant parking. These two additional parcels offer future development possibilities to the buyer.
Roger Niez and Steve Liu with NAI Capital’s office in Irvine represented the seller in the transaction. The price was not disclosed.
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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