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California  + Orange County  + Office  | 
An office property in Orange, CA has sold for $22.5 million and will provide cash flow while its new owner seeks entitlements for redevelopment

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. 

Don’t miss Connect LA on May 3 at the Hotel Indigo. Connect in person with California CRE experts like Rising Realty Partners EVP Kayce Hawk. 


Inside The Story

Newmark's Jones

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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