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**MGR Acquires Orange City Square Office Campus in $89M Deal**
Newmark has successfully arranged the sale and financing of Orange City Square, a repositioned Class A office campus located at 750, 770, 790, and 840 The City Drive South in Orange, California. The 14.1-acre campus comprises 392,523 square feet and sold for $89 million.
The seller, Granite Properties, was represented by Newmark’s Kevin Shannon, Co-Head of U.S. Capital Markets; Paul Jones and Ken White, Vice Chairmen; and Brandon White, Senior Managing Director. Newmark’s Jonathan Firestone, Co-President of Global Debt & Structured Finance, and Vice Chairman Blake Thompson secured $57 million in financing on behalf of the buyer, MGR Real Estate.
“This transaction represents another example of private capital buying Class A office product at a massive discount to replacement cost and prior peak pricing at a time where the leasing fundamentals have clearly turned,” said Shannon.
Originally constructed in 1988, the office campus has undergone extensive renovations and was 84% leased at the time of the sale. This acquisition marks MGR Real Estate’s first entry into the Orange submarket.
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