Newmark recently closed the sale of 200 and 201 E. Sandpointe, a multifamily redevelopment opportunity in Santa Ana for $36.3 million. The 8.3-acre site is part of the Hutton Centre master-planned development and includes a two-building, eight-story office structure with garage and surface parking lot. Co-head of U.S capital markets Kevin Shannon along with executive managing directors Paul Jones and Ken White, senior managing director Chris Benton, managing director Anthony Muhlstein as well as director Brandon White represented the seller while Watermarke Properties was identified as buyer in this transaction .
The multifamily redevelopment options available on this property include utilizing its surface parking lot; one office building combined with its parking lot; or scraping off the entire site altogether . According to Mr Shannon “Sandpointe is yet another example of reusing older office campuses” which has been made possible due to strong capital weight for multifamily development especially in Orange County that created competitive process during sale negotiations .
The post Watermarke Acquires Multifamily Redevelopment Opportunity appeared first on CRE MarketBeat.
