Newmark arranged the $22.5-million sale of CityCentre I, a 6.8-acre, multifamily redevelopment project located at 625 The City Drive South in Orange County, California. Co-head U.S capital markets Kevin Shannon and executive managing directors Paul Jones and Ken White along with senior managing director Chris Benton, managing director Anthony Muhlstein and director Brandon White represented the undisclosed seller while Watermarke Properties was the buyer for this transaction.
Jones commented on this deal saying “City Centre I was an attractive covered land play in Central Orange County that received strong interest from a wide range of buyers and capital sources” He further added “The existing asset offered in-place cash flow while the buyer secures entitlements for a new multifamily development”
This property is currently classified as Class A with 150,161 square feet area suitable for conversion into either mixed use or multi family dwellings as per zoning regulations which allows up to 60 units per acre . Primary use of ground floor is intended to be commercial retail space .
