Crystal View Capital Fund I, LLC is pleased to announce its acquisition of 621-685 S Manchester Ave in Anaheim, CA. The transaction was an offmarket sale of a 15,000 square foot office building on 1.1 acres.
Price: $2,100,000 or $140 per sq ft.
Configuration: Multi-tenant building.
Occupancy: 85% occupancy, all long term tenants.
Ownership’s Plan: Fill vacancy and increase rents as existing leases come due.
Manchester Office represents a unique opportunity to purchase a value-add office asset well below replacement cost. “Due to very limited supply of Class B Office space in Orange County, we are optimistic about filling our 2 vacancies and increasing rents as leases come due. With the property’s strategic location – less than a half mile from Disneyland – we are confident that demand for this space will be strong. The bottom line is, at $140 per foot right next to Disneyland in Orange County, we are very pleased with our acquisition price and our long terms prospects for this asset,” said Matthew Ricciardella, Managing Partner at Crystal View Capital.