Lee & Associates Negotiates Sale of Brookhollow Office Park Building for $2.9 Million

Deal resulted in 17% premium on the seller’s expectations

SANTA ANA, Calif.—June 24, 2010— Thanks to an aggressive market plan led by a team from Lee & Associates, one of the nation’s largest commercial real estate providers, a 38,316 square-foot office building in Brookhollow Office Park was sold for $2.9 million.

Erik Thompson, who with David Newton, Craig DeMiranda and Jeff Stephens of Lee’s Anaheim office, said creative thinking was mandatory in this sale of the Brookhollow Office Park building at 1570 E. Warner Ave located just minutes away from the John Wayne Airport in Santa Ana, Calif.

“The building was 100% vacant and had a significant amount of deferred maintenance,” said Thompson, who with his team represented the seller Chung & Company, LLC. “We had to sell the building before the maturity of existing financing on the building and because of a crunch in the capital markets, refinancing of a vacant office building was not an option. The only option was to sell the building.”

After analyzing market sales velocity, absorption, and vacancy of the 30-year-old property, which also includes 13 suites, Thompson said the team established an aggressive marketing plan that resulted in a quick close and a 17% premium on the seller’s expectations.

Epic Investment Realty’s Thomas Wan represented the buyer, Tony Yang of Interactive USA.

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