Newmark Grubb Knight Frank (NGKF) has completed the $5.05 million sale of a two-story, 21,303-square-foot, office building in Laguna Niguel, CA.
David L. Kluver, managing director with NGKF represented the buyer, Sarshar Family Trust. The seller was DeCarion Living Trust. The closing price per square foot was $237.
Located at 29982 Ivy Glenn, the property was renovated in 2003 and features atrium style construction with extensive window lines.
The property was approximately 60 percent occupied at sale by Berkshire Hathaway Home Services. The balance of the multi-tenant space is vacant.
The buyer is planning on adding value to the asset by upgrading the vacant interior space in order to attract new tenants,” said Kluver. “By securing full occupancy and market rents, the buyer expects to establish a favorable cap rate of close to 9 percent.”
Kluver added that the local office market has a very low 5 percent vacancy rate and rising rents.
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/.