SANTA ANA – May 13, 2016 – CBRE announced that Drawbridge Realty, a San Francisco-based real estate investment company, purchased the 171,330-square-foot office/R&D building at 1700 East Saint Andrew Place from Del Mar Partnership for $37 million. Located in Santa Ana, California, the three-story, Class A building is 100 percent leased to Abbott Medical Optics (NYSE: ABT).
Built in 1991, 1700 East Saint Andrew Place is located approximately five miles from John Wayne International Airport in Orange County. The property has been leased to Abbott Medical Optics for 14 years.
Louay Alsadek, Chip Wright and Ross Bourne of CBRE along with Paul Jones and Blake Bokosky of Newmark Grubb Knight Frank represented the seller, a private real estate investor. The buyer, Drawbridge Realty, represented itself. According to Alsadek, there was significant interest in the property.
“The building’s location, high-quality finishes and improvements combined with the investment-grade tenant’s commitment to the property attracted a substantial pool of buyers,” Alsadek said.
“1700 East Saint Andrew offered investors a healthy yield at below replacement cost,” Jones said.
Drawbridge Realty ("Drawbridge") is a privately held real estate investment company headquartered in San Francisco engaged in the acquisition, development, and management of core-plus and value-add commercial properties located in select markets nationwide. Drawbridge employs a disciplined, long-term focus with an emphasis on strategic operating facilities well-suited for corporate users. Drawbridge owns and manages a portfolio of properties leased to large corporate tenants, and has a long history of successfully creating value for corporations and investors. Drawbridge has completed transactions with major corporations including Broadcom, IBM, Google, Johnson & Johnson, L-3 Communications, Lockheed Martin, Medtronic, Monsanto, National Instruments, Northrop Grumman, and Unisys. The current Drawbridge portfolio of over 3.4 million sq. ft. and is comprised of properties located in growth markets across the United States. Please visit Drawbridge’s website at www.drawbridgerealty.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
