California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MGR Enters Orange Submarket with Office Campus Deal
Newmark arranged the sale and financing of Orange City Square, a repositioned Class A office campus totaling 392,523 square feet on 14.1 acres located at 750, 770, 790 and 840 The City Drive So. in Orange. The sale price was $89 million.
Co-head, U.S. Capital Markets Kevin Shannon, vice chairmen Paul Jones and Ken White and senior managing director Brandon White represented the seller, Granite Properties. Newmark co-president, Global Debt & Structured Finance Jonathan Firestone and vice chairman Blake Thompson arranged $57 million in financing for the buyer, MGR Real Estate.
Shannon said, “This transaction represents another example of private capital buying Class A office product at massive discount to replacement cost and prior peak pricing at a time where the leasing fundamentals have clearly turned.”
Built in 1988 and extensively renovated, the property was 84% leased at the time of sale. It represents MGR’s entry into the Orange submarket.
- ◦Sale/Acquisition
