A Newmark Knight Frank (NKF) investment sales team has completed the $44-million sale of a single-tenant, 180,000-square-foot office building located at 3450 East Miraloma Ave. in Anaheim, CA. The property is fully occupied by Pacific Sunwear of California, LLC (PacSun) and its corporate headquarters operations.
NKF’s Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres represented the sellers, a joint venture of Hines and Oaktree Capital Management, L.P. The buyer, who was in a 1031 exchange, was an unnamed family trust represented by Michael Hartel at Colliers International.
“This property is a prime opportunity for the new ownership, as it offers a strong central Orange County location and a single, long-term tenant who continues to see growth for its brand,” said Jones. “This corporate headquarters building for PacSun provides the buyer a stable and long-term cash flow well into the future.”