NGKF Capital Markets has completed the sale of Fountain Valley Plaza, a 107,407-square-foot multi-tenant Class A office campus in Fountain Valley, CA. The asset was 91 percent occupied by nine tenants at the close of escrow and is located directly off the 405 freeway in the greater John Wayne Airport submarket of Orange County.
“The greater airport submarket continues to experience positive market fundamentals, and Orange County as a whole remains a coveted destination for institutional investor groups seeking quality assets in strategic locations,” said Paul Jones, senior managing director with NGKF Capital Markets.
President of NGKF’s West Coast Capital Markets, Kevin Shannon added: “The buyer recognized the basis opportunity to add more value by making some minor capital improvements and bringing rents to market rates as leases expire. Orange County is a great basis market at this point in the cycle.”
Fountain Valley Plaza, located at 10540 Talbert Ave, is situated on 4.62 acres and consists of two, three-story buildings. It was built in 1986 and renovated in 2015. The property offers a distinctive architectural design, expansive window line, building and signage visibility from the freeway, balconies, lush landscaping, outdoor areas, and ample surface and subterranean parking with direct building access.
This transaction is one of several completed over the past 30 days by the NGKF West Coast Capital Markets team. The activity underscores the strength of the team and its broad capabilities having represented the buyer, seller and secured debt financing.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.