SANTA ANA, CA—CBRE has completed the sale of Pacific Center, two office buildings totaling 392,877-square-feet located at 1600 and 1610 East Saint Andrew Place in Santa Ana. CBRE vice chairman Kevin Shannon, first vice presidents Paul Jones and Scott Schumacher, and Senior Associate Blake Bokosky represented the seller, a large institutional owner, and the buyers, the Brookhallow Group and PCCP.
The two buildings, which housed Ingram Micro for the past fifteen years, sit a single parcel totaling 24.44 acres and are connected via a fly bridge. 1600 East Saint Andrew Place is a total of 187,875-square-feet and 1610 East Saint Andrew Place is a total of 205,004-square-feet. Both buildings are currently 100% leased, but will be completely vacant in August.
“Pacific Center offers the investor a true value-add opportunity to lease-up the vacant buildings and put on separate parcels, while taking advantage of future rental rate growth in the rising Orange County office market,” said Jones. “Orange County is one of the top rental rate growth markets in the county, projecting an increase of more than 30% over the next five years.”
Pacific Center is located in proximity to numerous amenities, including the District in Tustin and the future master planned mixed-use Cornerstone Tustin Legacy. It has direct access to the 55, 405, and 5 freeways and is four miles from John Wayne Airport.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
