Posts tagged Santa Ana
Senior Vice President Izzy Sanchez with NAI Capital’s Multifamily Services Group completed the sale of a 28-unit multifamily investment portfolio sale consisting of three properties in Santa Ana, Calif. Sanchez represented the buyer Shakti P and Sangeeta Bhatia Trust. The seller was a private individual. The sale price totaled $6.81 million or approximately $243,000 per unit.
The three properties are located at 413-421 S Susan Street, 431-435 S Susan Street, and 3309 Camille W Camille Street in the city of Santa Ana. The portfolio is mainly made up of 3 and 4 bedroom units, mostly single story buildings, and included 52 single car garages. The combined rentable area of the portfolio is 31,800 square feet on 2.3 acres of land.
“After an exhaustive search for a 1031 exchange property, we identified this portfolio for purchase. The properties had non-conforming uses, including various city violations. We worked closely with the lender and the city of Santa Ana to correct the issues to close escrow. The buyer is extremely pleased with the outcome, projecting a 50% positive cash flow increase in the first year of ownership,” said Sanchez.
Irvine, CA – Tuesday, October 11, 2016: NAI Capital has completed a $3.7 million investment sale of a new Chipotle Mexican Grill located on the North East corner of Harbor Blvd and McFadden Ave at 629 S Harbor Blvd, Santa Ana, Calif. The Chipotle is situated in a dense retail corridor across the street from a McDonald’s and a Walmart supercenter anchored shopping center. The property sits on a 22,615 square foot pad. The building is approximately 2,336 square feet and is 100% leased to Chipotle Mexican Grill, Inc. (NYSE: CMG) on a twenty 20 year ground lease.
NAI Capital Senior Vice Presidents Barry Blake and Steve Liu represented the buyer 99 Motel, LLC, as well as the seller, Santa Ana HM Property, LLC in the transaction.
Liu said, “The buyers were coming out of an exchange after I successfully sold their hotel in Orange County. Our client was ready to retire and their goal was to move into a less management intensive product type. We were able to trade them up to an absolute triple net investment which had no management responsibilities at all. Our client now enjoys an investment with 18 year remaining on the term and the security of a corporate guaranty from a $4 billion dollar company.”
“Investor demand is very strong for credit worthy, single-tenant triple net deals. This building fit well into that investment category,” Blake added.
|SANTA ANA, CA – AFTCO Mfg Co Inc has purchased a 117, 000 square foot industrial building situated on five (5) acres of land at 2400 S. Garnsey Street in a transaction valued at $8,121,079.00 More >|