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| 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.”
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| 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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