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June 18, 2024
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Watermarke Properties Spends $22.5 Mil on OC Office Building


Watermarke Properties has purchased City Centre I, a 6.8-acre, multifamily redevelopment project in the City of Orange, for $22.5 mil. The asset is located at 625 The City Drive South, west of I-5 and adjacent to the south side of Hwy 22.

The current property is a Class A, 150.2k sf office building suitable for multifamily or mixed-use conversion. Current zoning designations for the site allow for up to 60 units per acre. Primary use of the site’s ground floor is intended for commercial retail.

The property is situated in a transit-oriented location with direct access to SR-22, I-5 and SR-57 freeways and adjacent to Outlets at Orange, the area’s premier outlet shopping destination, and numerous other retail and dining amenities.

The City of Orange has been undergoing significant redevelopment in the past several years, with state and local mandates driving the push for more housing units. Currently, over 56% of housing units within a one-mile radius of City Centre I are renter occupied, signaling a strong renter demographic for a suburban market.

Newmark Co-Head, 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 deal.

“City Centre I was an attractive covered land play in Central Orange County that received strong interest from a wide range of buyers and capital sources,” said Jones. “The existing asset offered in-place cash flow, while the buyer secures entitlements for a new multifamily development.”

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