California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Multifamily Redevelopment Opportunity Sells to Watermarke
Newmark closed the $36.3-million sale of 200 and 201 E. Sandpointe, a multifamily redevelopment opportunity in Santa Ana. Part of the Hutton Centre master-planned development, the 8.3-acre site includes a two-building, eight-story office structure with a garage and surface parking.
Co-head of 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. The buyer was Watermarke Properties.
Multifamily redevelopment options include the surface parking lot; one office building in combination with the parking lot; or a scrape of the entire site.
“Sandpointe is yet another example of re-adaptive use of older office campuses,” said Shannon. “The weight of capital for multifamily development in Orange County especially remains strong, which created a competitive process.”
- ◦Sale/Acquisition
- ◦Development

