CBRE Facilitates Sale of Garden Grove Plaza in California

CBRE completed the sale of Garden Grove Plaza at 12966 Euclid Street, in Garden Grove, Calif., for $12.12 million ($188 per sq. ft.) on behalf of a private seller. CBRE's Investment Properties Anthony DeLorenzo, Bryan Johnson and Nick Williams, along with Peter Wells in CBRE's Orange County office, negotiated the sale to the City of Garden Grove.

"This building will provide a great option for the City of Garden Grove to expand its operations in one of the tightest real estate markets," said Mr. DeLorenzo, vice chairman at CBRE. "The current tenancy provides an attractive near-term cash flow for the new owner while also supporting the opportunity to occupy the existing vacant space within the building."

The five-story glass-and-steel office building sits on a corner lot near Garden Grove City Hall. The property has recently been renovated and is currently at 77% occupancy with a diverse tenant base.

The property is on 2.01 acres and is surrounded by ample amenities within minutes, including restaurants, dining options and entertainment. The location has convenient freeway access to State Route (SR) 22, SR-57, SR-55 and Interstate 405.