Newmark has announced that Team Shannon Private Capital group has completed the sale of a two-story, 83,218-square-foot Class A office property located at 27042 Towne Center Drive in Foothill Ranch, CA (South Orange County).
The transaction marks the tenth sale for Team Shannon as a whole in the past 12 months in Orange County, accounting for a total deal volume of over $561 million.
Built in 1998, the property is 90 percent occupied by eight tenants. In 2015, the asset underwent a $2.2 million renovation that included the addition of a state-of-the-art conference center, tenant lounge and new landscaping and hardscape. The property is ideally located near the 241 toll road, less than one mile from the one million-square-foot Foothill Ranch Towne Center and less than six miles away from the Irvine Spectrum.
“Approximately one-half of all commercial sales involve private capital,and the ability to access this important source of capital is critically important on smaller sales like this asset, but it is also frequently useful in larger sales as well,” said Shannon, Newmark’s Co-Head of U.S. Capital Markets.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.