Newmark has completed the approximately $14.25 million sale of Placentia Corporate Center, a 104,266-square-foot, four-building, multi-tenant office/R&D campus in Placentia, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Senior Managing Director Paul Jones and Director Blake Bokosky represented the institutional seller, TA Realty of Boston, MA. The buyer was Guthrie Development, a Newport Beach-based investment and development company.
“While this is an institutional-quality property with freeway visibility, the buyer recognized the opportunity to create more value to this recently renovated campus by making some minor improvements and bringing rents to market rates as leases expire,” said Bokosky. “Furthermore, the buyer identified the potential to maximize value in its exit strategy by selling off the buildings individually as they are each on separate land parcels.”
Located at 600 South Placentia Avenue, Placentia Corporate Center is situated on 6.47 acres and consists of two single-story Flex/R&D buildings and two low-rise office buildings. The property was built in 1987 and renovated in 2016 and provides the buyer with a stable and growing income stream as the property is currently 89 percent leased to 20 tenants. The property offers tenants freeway signage opportunities, ample and free surface parking, and convenient access to four major Orange County freeways connecting to the entire Southern California region.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’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, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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.
Newmark 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 www.bgcpartners.com.