CBRE Achieves Record Pricing With $11M Sale of Garden Grove Bank Site by Positioning for Residential Redevelopment

CBRE has closed the $11 million sale of a former Farmers & Merchants Bank branch at 10422 Garden Grove Boulevard in Garden Grove, California, a transaction that ranks among the highest price-per-square-foot sales in the submarket at more than $1,125 per square foot.

CBRE’s Cameran Lindee and Greg Sullivan led the assignment on behalf of the seller, Farmers & Merchants Bank.

“To maximize value for our client, we co-marketed the asset as both an owner-user and residential development opportunity,” said Lindee, First Vice President at CBRE. “Knowing that residential development could unlock significantly greater value, we brought in CBRE’s land and development expertise and created a competitive bid environment with potential users.”

The 9,773-square-foot freestanding building occupies a 2.23-acre parcel zoned for mixed use, allowing residential development with a required commercial component.

“This transaction highlights the power of CBRE’s collaborative platform. By evaluating both user demand and residential development potential, we were able to position the property in a way that delivered exceptional results for our client,” added Sullivan, First Vice President at CBRE.

Garden Grove continues to draw strong investor interest as a supply-constrained, high-demand multifamily submarket within Orange County. According to CBRE research, limited housing inventory, barriers to homeownership and proximity to major employment centers are supporting sustained renter demand and long-term investment appeal.

“Cameran and Greg’s approach in co-marketing the asset provided an outcome that well exceeded our expectations and the unsolicited offers we had previously received on the property,” said W. Henry Walker, Chief Executive Officer of Farmers & Merchants Bank.