Newmark has completed the $14.2 million sale of 100 South Anaheim, a three-story 50,384-square-foot, multi-tenant office building in downtown Anaheim, CA. The asset is fully leased to nine tenants including MemorialCare, Guggenheim Partners, Arbor E&T (ResCare), Partners Federal Credit Union and Total Paper Services.
Newmark’s Sean Fulp, Paul Jones, Ryan Plummer, Blake Bokosky and Michael Spiezia represented the seller, Milan Capital Management. The buyer, Mission Drive-In Theatre Company, was represented by John Ewart of Newmark.
Built in 1983 and renovated in 2017, the property is situated on 1.44 acres along South Anaheim Boulevard, one of the most traveled thoroughfares in Anaheim.
“The offering generated significant interest which ultimately led to a competitive process in the end,” said Fulp.
Fulp also mentioned that he is seeing a lot of 1031 trade activity between the $10 million and $15 million price range.
“Our asking price at $14.5 million happened to fall within the sweet spot for buyer demand in Southern California,” Fulp added.
100 South Anaheim is just steps from the Center Street Promenade, as well as numerous nearby retail and service amenities including Starbucks, Gypsy Den Cafe, The Yoga Mat, Healthy Junk Restaurant, CVS Pharmacy, and Vons, among others.
“The property’s walkable location, multi-tenant makeup, and below market rents were just a few of the most appealing aspects of this deal,” Jones said.
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.
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