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6/29/23
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Watermarke Properties acquired 200 and 201 E. Sandpointe, an 8.3-acre covered land buy viewed as a multifamily redevelopment opportunity in Santa Ana. The property, which currently includes a two-building, eight-story office structure with a garage and surface parking, sold for $36.3 mil.
Various multifamily redevelopment opportunities exist for property, including: the surface parking lot; one office building in combination with the parking lot; or a scrape of the entire site.
The portfolio is part of the Hutton Centre master-planned development, a walkable, live-work-play community within the South Coast metro. The project is proximate to several arterial freeways, including the SR-55, I-405, SR-73 and I-5, providing easy access to Orange County’s primary employment nodes.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Ken White, Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein and Director Brandon White represented the undisclosed seller in the transaction.
“The Sandpointe portfolio was an attractive covered land play in the heart of the Greater Airport Area,” said Jones. “Our team received strong interest from a wide range of buyers and capital sources. The existing office buildings offered attractive in-place cash flow, while the buyer secures entitlements for a new multifamily phased development.”
According to Newmark Research, developers are conscious of the oversupply of office space in the Orange County market, prompting some to convert or scrape existing plans entirely. Applicable properties are undergoing redevelopment plays for multifamily, life science or industrial use to attract opportunistic buyers. In the first quarter of 2023, three of the largest office sales were earmarked for future conversions.
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