Drawbridge Buys Pacific Center in Santa Ana for $98M
By Chava Gourarie August 12, 2019 1:17 pm
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San Francisco-based Drawbridge Realty acquired the Pacific Center office complex in Santa Ana, Calif., for $97.5 million.
The two-building property, at 1600-1610 East Saint Andrew Place, is next door to a Johnson & Johnson campus, which is also owned by Drawbridge, according to information from the buyer.
The sellers, a joint venture between Los Angeles-based Pacific Coast Capital Partners and Brookhollow, a commercial and industrial real estate company based in Costa Mesa, Calif., paid $44 million for the site in 2015, according to property records.
The 390,600-square-foot property is located in an opportunity zone and was renovated in 2017. The tenant roster includes Nationstar Mortgage, Collectors Universe and a nursing program called Career Networks Institute.
Between the new acquisition and the neighboring office, at 1700 Saint Andrew Place, Drawbridge now owns 37 acres at the site. The neighboring office is fully leased to Abbott Medical Optics, which was acquired by Johnson & Johnson in 2017.
The sellers were represented by Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky, and Brandon White of Newmark (NMRK) Knight Frank. Drawbridge handled the deal in-house.
“Pacific Center offers strong, long-term value for Drawbridge and we’re excited to add it to our growing national portfolio,” said Chris Elmendorf, an investment executive at Drawbridge, in prepared remarks.
