DRAWBRIDGE REALTY ACQUIRES HEADQUARTERS BUILDING IN SANTA ANA, CA FOR $37 MILLION
Santa Ana, CA - May 18, 2016 - Drawbridge Realty, a San Francisco based real estate investment company, announced today the acquisition of 1700 E. Saint Andrew Place in Santa Ana, CA for $37 million. The Class A, 171,330 square foot, three-story office/R&D property is 100% leased to Abbott Medical Optics (NYSE: ABT). This location serves as the company's optic headquarters. The property is located within the Greater Airport submarket a preferred location for corporate users. The property is located within 5 miles of John Wayne Airport, the principal airport serving Orange County, and the property provides convenient access to the Costa Mesa (SR-55), Santa Ana (I-5), San Diego (I-405) and Garden Grove (SR-22) freeways providing connections to the entire Southern California area and surrounding amenity base.
This property represents Drawbridge's first investment in the greater Orange County market.
"Drawbridge is pleased to be entering the Orange County market with this acquisition while also having the opportunity to develop a relationship with Abbott Laboratories," said Chris Elmendorf, Vice President, Investments, at Drawbridge Realty. "This asset fits within our mission of acquiring well-located, high quality assets leased to corporate users."
The seller, Del Mar Partnership was represented by Louay Alsadek, Chip Wright, and Ross Bourne of CBRE along with Paul Jones and Blake Bokosky of Newmark Grubb Knight Frank. The buyer, Drawbridge Realty, represented itself.