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| Pacific Building, 225-227 North Broadway and 214, 216 & 220 West Third Street Artist Village District, Santa Ana, CA |
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| 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.
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| 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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