Saturday, April 25, 2015

Sale of Entitled Apartment Land in south Coast Plaza Town Center in Costa Mesa, CA Arranged by Marcus & Millichap




Rendering of planned development
at 580 Anton Boulevard
Costa Mesa, CA
COSTA MESA, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Michael Walseth and Nathan Holthouser, both members of the firm’s National Retail Group and National Land Group, have arranged the sale of a 25,000-square-foot shopping center located at 580 Anton Blvd. in the Town Center South Coast Plaza district of Costa Mesa, Calif.

The property is entitled for the development of 250 luxury apartment homes. The terms of the sale were not released.

Walseth and Holthouser advised the seller, a private investor. The buyer is a joint venture led by Legacy Partners.

“Located within Orange County’s cultural, financial and fashion epicenter, 580 Anton Blvd. is perhaps the most highly coveted multifamily development site to trade in Orange County in recent history,” says Walseth.

 “Our national marketing campaign generated more than 35 offers and interest from qualified developers and investors worldwide.”

“580 Anton Blvd’s development potential is excellent,” continues Walseth. “Recent rental rates at buildings located nearby have eclipsed $3.00 per square foot, evidence of the high desirability of residents to live within walking distance of South Coast Plaza Town Center, South Coast metro office buildings, and the Segerstrom Center for the Arts.”

Located on two acres at the northeast corner of Anton Boulevard and Avenue of the Arts in Costa Mesa, the planned development, 580 Anton Blvd., will consist of 250 units and an incremental amount of neighborhood-serving retail uses. 

The community will be constructed as a five-story “podium” design with more than 200,000 square feet of net rentable area. Construction is scheduled to commence in late 2015.

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

Gina Relva, Public Relations Manager

(925) 953-1716

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