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12/15/23
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Garden Grove Plaza, a 64.5k sf office building in Garden Grove, sold for $12.12 mil ($188/sf). The buyer was the City of Garden Grove.
The five-story glass-and-steel office building is situated on just over two acres at 12966 Euclid St, on a corner lot near Garden Grove City Hall. The property has recently been renovated and is currently at 77% occupancy with a diverse tenant base.
The property is surrounded by ample amenities within minutes, including restaurants, dining options and entertainment. The location has convenient freeway access to State Route (SR) 22, SR-57, SR-55 and Interstate 405.
CBRE's Investment Properties Anthony DeLorenzo, Bryan Johnson and Nick Williams, along with Peter Wells in CBRE's Orange County office, represented the seller in the deal.
"This building will provide a great option for the City of Garden Grove to expand its operations in one of the tightest real estate markets," said DeLorenzo. "The current tenancy provides an attractive near-term cash flow for the new owner while also supporting the opportunity to occupy the existing vacant space within the building."
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