ORANGE, CALIF. — NKF Capital Markets has brokered the sale of City Tower, a 20-story office building located at 333 City Blvd. West in Orange, about 35 miles southeast of Los Angeles. KSB Capital Advisors purchased the property from Torchlight Investors for $147.2 million.
Built in 1988, the building features 435,177 square feet of Class A office space. Situated on 4.9 acres, the building offers an on-site cafe and an adjacent, six-level parking structure. The building is also located within walking distance of Outlets at Orange, an 806,000-square-foot shopping and dining destination.
At the time of sale, the property was 78 percent leased to a roster of tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group. In addition, the property recently underwent a $3 million renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors.
Kevin Shannon, Paul Jones, Sean Fulp and Blake Bokosky of NKF Capital Markets represented the seller. The buyer in the transaction was self-represented.
“Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our NKF Capital Markets team secured a strong price of more than $338 per square foot for this asset. That price is testimony to investor confidence in the submarket as well as the value in this core, high-image office tower.”
— Amy Works and Taylor Williams