Newmark has announced the sale of The Offices @ Village Business Park, a two-building 141,387-square-foot office property in Buena Park, CA. At 54 percent leased, the recently renovated property was marketed to potential buyers seeking a value-add opportunity.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones, Managing Director Blake Bokosky and Senior Associate Brandon White represented the seller, Westcore Properties. The buyer, Stanton Road Capital, was self-represented. CA.
Built in 1980 and 1987 and renovated in 2017, the property is situated on approximately 10.5 acres at 7000 and 7001 Village Drive and includes 828 parking spaces.
“This asset offers the buyer an attractive value-add opportunity as there is a large back-office vacancy and office suites that once filled will significantly increase the cash-flow of this quality office project,” said Jones. “The above-standard convenient surface parking and densely populated key north Orange County location, are strong draws for users.”
The Offices @ Village Business Park is proximate to some of Orange County’s top entertainment and retail venues including Knott’s Berry Farm and the Source OC, a 400,000-square-foot outdoor dining, shopping and entertainment destination. The property is also convenient to the 5 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 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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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