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Drawbridge Realty buys massive OC office complex for $98M
The property spans 391K sf next to another office campus owned by Drawbridge
Commercial investment firm Drawbridge Realty has acquired the massive Pacific Center office complex in Santa Ana in a nearly nine-figure trade.
Pacific Coast Capital Partners and Brookhollow sold the 390,600-square-foot property for $97.5 million, Commercial Observer reported. The two-building complex is at 1600-1610 E. St. Andrew Place, next door to Drawbridge Realty’s fully leased Johnson & Johnson campus. The two properties combine for 37 acres.
It’s also in a federally designated Opportunity Zone, which will allow San Francisco-based Drawbridge Realty to delay capital gains taxes. The property’s tenants are Nationstar Mortgage, Collectors Universe and Career Networks Institute.
The property was built in 1992. Pacific Coast Capital Partners and Brookhollow paid $4 million for the site in 2015, and spent $3.5 million renovating the property in 2017.
About two miles away, Centennial Real Estate is working on a massive mall redevelopment that calls for 1,900 apartments and 750,000 square feet of office space at the MainPlace Mall.
Earlier this year, Pacific Coast Capital provided $268 million to Daydream Apartments to acquire the Griffin and the Grace luxury apartments on Spring Street in Downtown Los Angeles. And last year, the firm provided a $128 million loan to Lincoln Property Co. and Angelo Gordon & Co. for four office properties in Orange County totaling 540,000 square feet.
Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White with Newmark Knight Frank represented Los Angeles-based Pacific Coast Capital Partners and Brookhollow, which is based in Costa Mesa. [Commercial Observer] — Gregory Cornfield