Tuesday, February 17, 2015

Avison Young completes $12.7-million sale of nine-story office building in Santa Ana, CA


Alan Pekarcik
Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $12.7-million sale of 1200 North Main, a nine-story 152,705-square-foot (sf) office building in Santa Ana, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, represented the seller, Los Angeles-based Positive Investments, Inc. The buyer was Small Giant. The property was 55% leased at close of escrow.

Built in 1971 and renovated in 1997, 1200 North Main is situated on 1.55 acres, and is located along North Main Street within the Santa Ana Civic Center submarket. The property also includes a two-story adjacent parking structure.

“The project was originally slated for an adaptive reuse conversion to residential, for which a new city ordinance was passed in the fourth quarter of 2014,” comments Vittone.

 “Ultimately, the Orange County office market strengthened to the point that it warranted the acquisition of the property as a value-add office investment.”

Dan Vittone
“This freeway-close location is within a high-barrier-to-entry area with very little new inventory delivered over the past 15 years and no new competitive office projects under construction,” adds Pekarcik.

The 1200 North Main property offers immediate access to the 5, 22, and 55 freeways, is near Westfield’s MainPlace (a 1.1-million-sf super-regional mall), and is adjacent to downtown Santa Ana. 

The building is also a short walk to the Santa Ana Courthouse, City Hall and the U.S. Federal Courthouse, as well as private-sector businesses.


For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

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