NAI Capital Commercial is pleased to announce that Executive Vice President Steve Liu and Senior Associate Nikki Liu with NAI Capital Commercial’s Investment Services Group in the Irvine office completed the sale of a 10-story 107,190 square foot office building located in Santa Ana, California. Steve and Nikki represented both seller, Concourse COI Investment, LLC, and buyer, 1600 N Broadway LLC, in the transaction. The sale price was $11,800,000.00 or $110 per square foot.
The Broadway Building, located at 1600 N. Broadway is a class B office building, built in 1970 and renovated in 2007. It had in 2007 extensive renovations including newly painted exterior, new lighting, tile and darker tinted glass exterior. There is a 4-story parking structure attached to the building with approximately 280 parking spaces. The property is within an opportunity zone and adaptive reuse project incentive area, minutes away from the Orange County Clerk and Recorder’s Office, Santa Ana Public Library, Superior Court of Orange County, and Orange County Civic Centre. The project was approximately 30% occupied at the time of the sale.
Steve Liu said, “This was a tremendous opportunity for the buyer to purchase below replacement cost and to convert to apartments to satisfy the housing demand and shortage we are seeing in Santa Ana and throughout the state.”
Nikki Lui added, “The seller was pleased with the shorter due diligence timing considering this was an adaptive reuse play to convert to apartments.”
About NAI Capital Commercial
NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 300 brokerage offices and over 5,100 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.