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Newmark closed the $36.3-million sale of a multifamily redevelopment opportunity in Santa Ana, part of the Hutton Centre master-planned development

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.”


Inside The Story

Newmark's Shannon

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Development
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