
Orange Office Property Trades for Multifamily Redevelopment
Newmark arranged the $22.5-million sale of CityCentre I, a 6.8-acre, multifamily redevelopment project located at 625 The City Drive South in Orange.
Co-head, 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.
“City Centre I was an attractive covered land play in Central Orange County that received strong interest from a wide range of buyers and capital sources,” said Jones. “The existing asset offered in-place cash flow while the buyer secures entitlements for a new multifamily development.”
The current property is a Class A, 150,161-square-foot office building suitable for multifamily or mixed-use conversion. Current zoning for the site allows for up to 60 units per acre. Primary use of the site’s ground floor is intended for commercial retail.
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- ◦Sale/Acquisition