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1/23/20
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A 180k sf, single-tenant office building in Anaheim fully occupied by Pacific Sunwear of California LLC (PacSun) sold for $44 mil, or $244/sf. The property, located at 3450 East Miraloma Ave, was sold by PacSun, who uses the space as its corporate headquarters.
Built in 2002 as a build-to-suit for the tenant and situated on just under eight acres, the property is on a long-term triple-net lease with PacSun, a retail clothing brand rooted in the youth-oriented culture and lifestyle of California that was originally founded in Newport Beach in 1980. The Class A asset features ample surface parking, large floor plates, a cafeteria, and outdoor sport courts.
Newmark Knight Frank’s Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres represented the sellers, Hines and funds managed by Oaktree Capital Management L.P. The buyer, who was in a 1031 exchange, was a family trust and was repped by Michael Hartel at Colliers International.
“This property is a prime opportunity for the new ownership, as it offers a strong central Orange County location and a single, long-term tenant who continues to see growth for its brand,” said Jones. “This corporate headquarters building for PacSun provides the buyer a stable and long-term cash flow well into the future.”
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