X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DANA POINT, CA-A 9,769-square-foot former RE/Max office building here has sold for $7.2 million, or $737 per square foot, in a deal that reflects the premium prices commanded by properties in coastal locations with high barriers to entry. According to Marcus & Millichap, which brokered the deal, the new owners have renamed the office building Altera.

The two-story building, which was completed in 1990, is located at 33522 Niguel Rd., at the intersection of Pacific Coast Highway. The location is near a number of high-profile and high-end properties, including the Ritz Carlton and St. Regis luxury hotels.

The seller was represented by vice president Jack Hopkins and investment associate Dennis Weisberg of the Newport Beach office of Marcus & Millichap. The private investment group that bought the property was represented by vice president Michael Woolbright, also of the Newport Beach office of Marcus & Millichap.

The Dana Point deal, in the South Orange County submarket, was one of the final office sales in a year in which transaction velocity slowed because of the economic downturn, tighter credit markets and concerns surrounding the sharp rise in available sublease space, according to a Marcus & Millichap report on the Orange County office market.

Nonetheless, prices and activity are “heavily dependent on property quality and location,” the report noted. The sale of the 33522 Niguel Rd. building reflected that fact, trading far above the median price of $328 per square foot for office deals in the county.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.