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| 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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