Newmark recently facilitated the sale of a prime office building in Orange, known as 999 Town & Country. The Class A property spans over 98,907 square feet and was sold for $17,900,000.
The institutional seller was represented by Co-head of U.S. capital markets Kevin Shannon along with vice chairmen Paul Jones and Ken White and senior managing director Brandon White. The buyer, Hampton Tedder Electric plans to occupy the top floor which offers 15,700 square feet of vacant space.
According to Jones: “This transaction highlights the strong demand for well-located properties in Central Orange County that offer versatility.” He further added that due to the current market conditions where there is a shortage of institutional investors looking to buy office buildings coupled with increasing displacement rates; owner-users are presented with lucrative opportunities.
Situated in Central Orange County submarket area; this four-story building was already leased at an impressive rate of 84% at the time it changed hands. Notable tenants include AECOM and Intercare among others.
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