SANTA ANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 58,450-square foot Burlington Coat Factory (top left photo) in Santa Ana. The sales price of $12,100,000 equates to $207 per square foot.
Paul Bitonti (middle right photo) a vice president investments in Marcus & Millichap’s Newport Beach office, represented the seller, a limited liability corporation. Mark Thiel (lower left photo), a senior associate in the firm’s San Diego office, represented the buyer, an Orange County-based private family partnership.
“The property was marketed to a wide range of potential buyers, including institutions, REITs and private investors, both foreign and domestic,” says Bitonti. “Investors were attracted to the excellent location and submitted multiple offers.”
“The asset is a high-identity building with 285 lineal feet of frontage along the Bristol street corridor,” adds Bitonti. “ The site’s average daily traffic count exceeds 40,000 cars per day and is home to numerous national and regional tenants, including Walgreens, IHOP, Target, Trader Joe’s, In-N-Out Burger, Burger King, Taco Bell, Starbucks and El Super.”
“This absolute net leased investment will provide the new owner with a rental increase of 2.7 percent in November 2013,” says Thiel. “There are also four five-year options to extend with 50-cent per square foot rent increases every five years.”
Built in 2000 on 5.3 acres, the Santa Ana Burlington Coat Factory is located at 2840 South Bristol St. at the northwest corner of Bristol Street and Segerstrom Avenue. The location is one mile north of South Coast Plaza, the largest shopping mall in California.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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