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8/14/24
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Intracorp paid $12.25 mil for a 2.7-acre parcel in the City of Orange. The company plans to build 49 two- and three-story single-family small lot homes on the site, located at 901 E Katella Ave.
The site is situated in a prime transit-oriented location and offers proximity to the SR-55, I-5 and SR-57 freeways. The city of Orange has seen significant redevelopment in recent years, driven by state and local mandates to increase housing supply.
Newmark Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein, Co-Head, U.S. Capital Markets Kevin Shannon and Senior Financial Analyst Gabe Munson represented the seller, The Festival Companies, in the off-market transaction.
Muhlstein commented, “Developers are providing much-needed low-density housing on antiquated retail and office parcels as demand and employment patterns shift.”
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