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SANTA ANA, CA-Citivest Inc. has acquired two office buildings totaling 250,000 sf for $28 million and plans to convert one of them into office condominiums, targeting the owner-user market, according to Voit Commercial Brokerage. Orange County-based Citivest’s new assets, both in Downtown Santa Ana, are at 1200 N. Main St. and 1600 N. Broadway.

According to Gil Marrero of the Irvine office of Voit Commercial Brokerage, the buildings appealed to Citivest for a number of reasons, including the significant redevelopment under way in Downtown Santa Ana, which has created a demand for office space there. More companies are relocating to Santa Ana as it has evolved into a “major hub for culture, business and entertainment,” says Marrero, who represented Citivest along with fellow Voit brokers Al Pekarcik and Dan Vittone.

The 1200 N. Main St. building totals 143,456 sf in nine stories and is predominantly leased to the County of Orange, which may expand into additional space within the property. The 1600 N. Broadway building is 10 stories, totaling 110,000 sf, and is vacant.

Jim Nichols, a partner in Citivest, says the company sees potential in redeveloping the 1600 N. Broadway building to target businesses in Central Orange County that are seeking “prime office space.” Citivest has experience in developing and rehabilitating retail, residential and office space.

Citivest acquired the two buildings from Caribou Industries, which was also represented by Marrero, Pekarcik and Vittone. Caribou is headed by Mike Harrah, who has been a major player in the redevelopment of Santa Ana.

Santa Ana is the largest submarket within the Central Orange County office market, according to the latest quarterly survey from Voit. It lists the Santa Ana market with 174 of the 371 buildings in the central county market, with those 174 buildings comprising more than 12 million sf. The county’s entire office market totals almost 100 million sf.

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