MGR Enters Orange Submarket with Office Campus Deal

Newmark arranged the sale and financing of Orange City Square, a repositioned Class A office campus totaling 392,523 square feet on 14.1 acres located at 750, 770, 790 and 840 The City Drive So. in Orange. The sale price was $89 million.

Co-head, U.S. Capital Markets Kevin Shannon, vice chairmen Paul Jones and Ken White and senior managing director Brandon White represented the seller, Granite Properties. Newmark co-president, Global Debt & Structured Finance Jonathan Firestone and vice chairman Blake Thompson arranged $57 million in financing for the buyer, MGR Real Estate.

Shannon said, “This transaction represents another example of private capital buying Class A office product at massive discount to replacement cost and prior peak pricing at a time where the leasing fundamentals have clearly turned.”

Built in 1988 and extensively renovated, the property was 84% leased at the time of sale. It represents MGR’s entry into the Orange submarket.

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