October 28, 2016 Comments Off on 1031-Exchange Involves Retail, MOB Asset Views: 337 California News, Healthcare News, Medical Office Building, Orange County, West

1031-Exchange Involves Retail, MOB Asset

Hacienda Plaza, a 77,610-square-foot mixed-use retail/medical office property in Santa Ana, CA traded hands for $16.7 million. The 1031-exchange investors included buyers, Bolsa-Boushard LLC, and a private California family trust seller.

Built in 1976, the property is directly across from Santa Ana City College. The asset includes a 28,800-square-foot retail/medical building fronting Seventeenth St., and a 29,310-square-foot medical/warehouse building fronting 19th St.

Marcus & Millichap’s Michael Lawrence and Michael Woolbright represented the seller, while the Calabasas, CA-based firm’s Ron Duong represented the buyer.

Lawrence says, “This transaction is the result of [Duong’s] successful disposition of the downleg property followed by close collaboration with the listing team to secure the upleg property.”

Duong notes the asset offered long-term tenancy, triple-net leases and attractive fixed rent increases, as well as potential return enhancements via lease-up of four vacant units.

Read More at Marcus & Millichap

Connect with Marcus & Millichap’s Lawrence

Connect with Marcus & Millichap’s Duong

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , ,

Comments are closed.