NGKF Capital Markets has completed the sale of 200 Center, a 191,556-square-foot Class A high-rise office building located in Downtown Anaheim, CA. The asset is occupied entirely by St. Joseph Health System, which has a long-term lease with 10 years remaining. The purchase price was $58.9 million.
NGKF Capital Markets’ President, West Coast Capital Markets Kevin Shannon, Senior Managing Director Paul Jones, Executive Managing Director Ken White and Director Blake Bokosky represented the institutional seller, a joint venture between Mariner Real Estate Management and PRES Companies. The building was purchased by a 1031 exchange buyer from Southern California. Executive Managing Director David Milestone and Managing Director Brett Green of NGKF Capital Markets executed the debt on behalf of the buyer.
“The Downtown Anaheim area has undergone a drastic transformation over the past several years with the addition of numerous eateries and shops like the Anaheim Packing House and the weekly farmers’ market,” said Jones. “The revitalized location, coupled with the stability and security of having an investment grade credit tenant on a long-term basis was extremely attractive to the buyer.”
Located at 200 West Center Street Promenade, 200 Center is situated on just over two acres of land and consists of an eight-story office building and a six-level parking structure. The property was built in 1992 and underwent a renovation in 2015. The asset offers distinctive architectural design, expansive window line, a fitness facility, outdoor collaborative area, ample structured parking and some of the best walkable amenities in all of Orange County.
Wanting to be exclusive to one building in an amenity-rich location, St. Joseph Health System consolidated and relocated to 200 Center from numerous locations throughout Orange County in 2015.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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 14,100 professionals operate from more than 400 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/.