Newmark has completed the $44 million sale of a single-tenant, 180,000-square-foot office building fully occupied by Pacific Sunwear of California, LLC (PacSun) who uses the space as its corporate headquarters. The property is located at 3450 East Miraloma Avenue in Anaheim, CA.
Newmark’s Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres represented the sellers, Hines and funds managed by Oaktree Capital Management, L.P. The buyer, who was in a 1031 exchange, was a family trust and was represented by Michael Hartel at Colliers International.
“This property is a prime opportunity for the new ownership, as it offers a strong central Orange County location and a single, long-term tenant who continues to see growth for its brand,” said Jones. “This corporate headquarters building for PacSun provides the buyer a stable and long-term cash flow well into the future.”
Built in 2002 as a build-to-suit for the tenant and situated on just under eight acres, the property is on a long-term triple-net lease with PacSun, a retail clothing brand rooted in the youth-oriented culture and lifestyle of California that was originally founded in Newport Beach in 1980. The Class A asset features ample surface parking, large floor plates, a cafeteria, and outdoor sport courts.
“PacSun Headquarters was a strong property within our Orange County portfolio given its high-quality central location, access, and tenancy. We continue to seek similar assets and corporate partnership opportunities,” added Hines Director Scott Peterson.
The property is surrounded by a number of retail, dining and entertainment amenities and also provides access to the 55, 57 and 91 freeways.
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 18,000 professionals operate from approximately 480 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
Statements in this document regarding Newmark 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 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.