CBRE has completed the sale of a former Farmers & Merchants Bank branch in Garden Grove, marketing the property as a flexible redevelopment and owner-user opportunity. The asset, located at 10422 Garden Grove Blvd., traded for $11 million, with CBRE reporting that the transaction ranks among the highest price-per-square-foot sales recorded in the local submarket, at more than $1,125 per square foot.
CBRE professionals Cameran Lindee and Greg Sullivan led the assignment on behalf of the seller, Farmers & Merchants Bank. The buyer chose to remain undisclosed, and no additional information on the purchaser's plans for the property was released. The brokerage team positioned the listing to appeal to both potential owner-users and developers, recognizing that the site's zoning and scale could support multiple potential exit strategies.
The property consists of a 9,773-square-foot freestanding building situated on a 2.23-acre parcel. The site is zoned for mixed use, which permits residential development while requiring a commercial component as part of any future project. This zoning framework creates the potential for a blend of residential and commercial uses on a relatively large parcel for the area, enhancing the site's optionality for investors and developers who may pursue a range of mixed-use concepts.
According to CBRE, the team sought to maximize value for the seller by highlighting not only the existing building but also the longer-term development potential of the property. Lindee noted that the strategy included bringing in CBRE's land and development expertise to help frame the opportunity for residential development, which the team viewed as a potential driver of incremental value. By positioning the site as both a current-use and future-use play, the brokers created what they described as a competitive bid process among prospective users.
CBRE further observed that Garden Grove continues to attract interest from investors, particularly those focused on multifamily opportunities. The city is characterized as a supply-constrained, high-demand multifamily submarket within Orange County, which has supported strong pricing for well-located sites with residential potential. The sale of the former bank branch reflects how mixed-use zoning and perceived multifamily demand can elevate valuations for infill properties with redevelopment angles, even when they are currently configured for single-tenant, service-oriented retail or banking use.
