SANTA ANA, CA—Civic Center Professional Building Inc. has sold a 105,199-square-foot office property at 901 Civic Center Dr. here to BW America Development LLC for slightly more than $12 million. The buyer is a Chinese-based investment firm.
The building is a four-story, roughly 105,199-square-foot atrium-style building with window-lined offices. It is located in the heart of Orange County's Civic Center area and is within walking distance to the Orange County Court House, City Hall and State and Federal Buildings.
The property has an adjacent, private four-story parking garage, which is significant in this difficult parking district. It has convenient access to the I-5 and SR 22 freeways.
Tom Nguyen, NAI Capital's EVP in the Orange County office and founding member of NAI Capital's Asia Pacific Group, represented the seller in the sale. “The listing had some challenges—the biggest one being that it was only 8.24%-occupied at the time of sale,” Nguyen says. “Our ability to reach out to domestic and foreign markets helped us find the right buyer for this property. The group that offered the best price and terms was a Chinese-based investment firm. They are going to occupy one floor and lease out the remaining floors.”
Nguyen tells GlobeSt.com that foreign buyers are winning deals over domestic buyers in many transactions because of pricing and terms, “but mostly pricing. If the product is right, the foreign buyer will pay higher than their domestic counterpart. They're flush with cash and less picky in terms of local market challenges.”
Foreign buyers are having a major influence on the US real estate market. As GlobeSt.com also reported today, First American Title Insurance Co. has launched a comprehensive multilingual website and in-language video library to help multicultural consumers pursue homeownership and navigate the title and closing process in the US. The firm developed the website and video library in response to growing demand from multicultural and international communities.
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