Monday, June 22, 2015

Avison Young completes $5.3-million sale of historic mixed-use property in Santa Ana, CA


Pacific Building225-227 North Broadway and 214, 216 & 220 West Third Street
Artist Village District, Santa Ana, CA

Dan Vittone
Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $5.3-million sale of the Pacific Building, a historic 16,274-square-foot (sf) mixed-use property in the Artist Village District of Santa Ana, CA.

Avison Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, along with Gil Marrero of Voit Real Estate Services represented the seller, Gumm Investments.

 The buyer, Red Rock Management, was represented by Red Rock Capital Advisors, LLC. The property was 100% leased at close of escrow, and the closing cap rate was approximately 6%.

The Pacific Building is located at 225-227 N. Broadway and 214, 216 & 220 W. Third Street at the southeast corner of North Broadway and West 3rd Street, a signalized intersection in the heart of Downtown Santa Ana. 

The property is fully occupied by 11 tenants, including two on the ground floor: Chapter One, a modern local metropolitan-style restaurant and bar; and Downtown Sugar, a hip spa, beauty and personal care boutique. 

Alan Pekarcik
The Copper Door, a trendy nightclub, bar and lounge that hosts live local music on select evenings, is on the basement level, and a mix of creative office tenants are on the second floor.

“The Pacific Building is in the midst of Santa Ana’s downtown, which is growing and becoming widely recognized as a dynamic urban center that is home to a community of artists and theatrical productions, as well as eclectic shops, restaurants, and high-density residential options including live/work lofts,” comments Pekarcik. 

“The renaissance of this area was attractive to the buyer, as the investment shows promising returns now and for years to come.”

The Pacific Building has been designated as a qualified historical property on the City of Santa Ana Register of Historical Properties. 

It has been extensively improved with a modern feel and design, while preserving the integrity of a building constructed during the 1925 Renaissance-revival era

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

Darcie Giacchetto

949.278.6224

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