Wind Water Realty closed the sale for a 2,206 SF office condo at 2900 Bristol Street in Costa Mesa.
The sale breaks the $500 per foot mark after being on the market for three months, and gives the buyer an in-place 6.57% capitalization rate.
“Building owners have the chance to maximize the value of their real estate,” said Russ Smith, Senior Associate at Wind Water Realty. “This deal shows how desirable triple net leased investments are in the current market.”
The sold unit is fully leased with a long term tenant that has occupied the space since 2007, and who also happened to be the Seller during the transaction.
“Finding a broker that was willing to take on the challenge and had the experience of selling a NNN office unit was proving much harder than I had anticipated to say the least,” said the Seller, Kosta Adamou.
“Fortunately, I met Russ Smith from Wind Water Realty. He always communicated with me promptly and is extremely knowledgeable about the OC market,” added Adamou. “It was a pleasure working with him and I would not hesitate using his team at Wind Water Realty in the future.”
2900 Bristol Street is part of The Waters at Creekside office park. The space features seven private offices, an x-ray room, kitchen area, two open space areas, and a front lobby.
Its prime location sits near The Camp and The Lab, OC’s renowned urban youth lifestyle shopping centers. The property is also conveniently located near South Coast Plaza, other retail and restaurant amenities, and has immediate access to the 55, 405 and 73 freeways.
The Seller was represented by Wind Water Realty’s Russ Smith. Wayne Smith of Corona Del Mar Properties represented the Buyer.