Brokerage firm Newmark arranged the sale and financing of Orange City Square for $89 million. The property was acquired by MGR Real Estate. The four-building, repositioned Class A office campus totals 392,523 square feet on 14.1 acres located at 750, 770, 790 and 840 The City Drive South in Orange.
“This sale is a compelling entry point for MGR into one of Orange County’s most active submarkets,” said Paul Jones, vice chairman at Newmark, in a statement. “Orange City Square stands out for its quality asset management, immediate leasing momentum and limited future capital expenditures that will generate strong cash flows for the foreseeable future.”
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Paul Jones and Ken White and Senior Managing Director Brandon White represented seller Granite Properties in the transaction. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone and Vice Chairman Blake Thompson handled $57 million in financing for the buyer, MGR Real Estate.
The office complex was originally built in 1988 and extensively renovated through 2025. It features three office buildings and an 8,966-square-foot retail component. The property was 84% leased at the time of sale to a diversified roster of 58 tenants. Amenities include reimagined lobbies, a customer lounge with a kitchen, fitness center, two conference centers and outdoor event space with televisions, wi-fi and BBQ facilities.
“This transaction represents another example of private capital buying Class A office product at a massive discount to replacement cost and prior peak pricing at a time where the leasing fundamentals have clearly turned,” added Kevin Shannon, in a statement.
Strategically located adjacent to the SR-22 freeway with access to I-5 and SR-57, Orange City Square benefits from proximity to The Outlets at Orange for dining and entertainment options, as well as the Platinum Triangle district, which is home to the Anaheim Angels and Ducks, plus developments like OCVibe and the proposed Angels Stadium redevelopment.
Information for this article was sourced from Newmark.