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NAI Capital Closes Anaheim 1031 Exchange Deal
Hancock Office Plaza, 43,202-square-foot Class B office building in Anaheim, CA, has traded hands for $7.3 million or $169-per-square-foot. The seller was Hancock Office Anaheim LLC, while the buyer in the 1031 exchange was undisclosed.
The two-story multitenant office building is located at 1290 N Hancock St. It was built in 1986 and renovated in 2017. The asset sits on a two-acre parcel and features a parking ratio of four stalls per 1,000 square feet. The Hancock Office Plaza was 100% leased to eleven tenants ranging in size from 659 to 10,947 square feet. Recent renovations included common areas, the exterior with drought tolerant landscaping, polished concrete, LED lighting, and restrooms.
NAI Capital’s Rosaleen O’Sullivan, who handled the deal, says, “The building is occupied by long-term stable tenants, with renewing leases, that will create additional income and value. My client purchased this property through a 1031 exchange, significantly increasing their annual cash flow.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
