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9/07/22
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Brooklyn Companies acquired the Concorde Career College building, a two-story, 45.5k sf office property and the rights to 4.19 acres of land in Garden Grove, for $14 mil. The property was sold by Pacific Development Partners LLC.
Located at 12951 S. Euclid St in Garden Grove, the building was 100% leased to Concorde Career College at the time of sale. The property has served as a medical and dental vocational school since 1999.
Concorde Career College provides vocational training in the allied health field, including courses in medical and dental assisting. The company operates 16 campuses in seven states. The Garden Grove campus is ideally positioned within the Orange County market, with nearby access to major freeways, an abundance of amenities and some of the most premier office tenants in Southern California. The property features direct access to the Garden Grove Freeway (SR-22), and nearby I-5 and I-405 freeways.
Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones and Brandon White with Newmark represented the seller in the transaction. The buyer was repped by Norman Lee, also with Newmark. Jason Roth helped secure financing on behalf of the buyer.
“Despite interest rate volatility and lenders changing appetite for office, we were able to secure extremely competitive financing terms for the Brooklyn Companies by highlighting two key points,” said Roth. “The necessity for this type of education to be conducted in person, as well as the year-over-year double-digit growth in the medical assistance fields projected by the Department of Labor and Statistics.”
According to Newmark Research’s recent Capital Markets Report, Orange County ranked among the top 25 U.S. markets that attracted the most investment volume in the U.S. in 2Q22. U.S. quarterly investment volume overall, across all property types, increased 17.5% year-over-year, representing the third largest quarter volume total in history. While multifamily remains the most sought-after property type, office, retail and hospitality volume have normalized as investors have grown more confident about the recovery of travel and leisure spending as well as the return of more employees to the office.
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