NGKF Brokers $59M Anaheim Office Building Sale
The property consists of an eight-story office building and a six-level parking structure. The sale was involved in a 1031 tax deferred exchange. NGKF Capital Markets represented both the seller and the buyer in the transaction.
By Razvan Cimpean
NGKF Capital Markets brokered the sale of a 191,556-square-foot Class A office building in downtown Anaheim, Calif. The property, fully occupied by St. Joseph Health System, changed hands for $58.9 million. NGKF’s Kevin Shannon, Paul Jones, Ken White and Blake Bokosky represented the seller, a joint venture between Mariner Real Estate Management and PRES Cos. David Milestone and Brett Green of NGKF executed the debt on behalf of the 1031 exchange buyer, Greenlaw Partners.
Located at 200 W. Center Street Promenade, the eight-story building was completed in 1992 and underwent a complete renovation in 2015. The property also features a six-level parking structure with more than 950 spaces. According to Yardi Matrix, PRES Cos. acquired the property in 2014 from AT&T for $18 million. The transaction was subject to a $43.5 million loan held by Wells Fargo Bank. St. Joseph Health System still has 10 years remaining on its long-term lease.
“The revitalized location, coupled with the stability and security of having an investment grade credit tenant on a long-term basis was extremely attractive to the buyer,” said Paul Jones, senior managing director at NGKF Capital Markets, in a prepared statement.
Earlier this year, NGKF appointed Danny Williams as managing director in the firms office in El Segundo, Calif.
Image courtesy of Yardi Matrix
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