October 28, 2016
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.
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