Harbor Associates sold a 111,483-s.f. office building at 2020 E. First Street in Santa Ana, Calif., to Meritage Homes for residential use. The project consists of an 86-unit townhome community with a mix of two-, three- and four-bedroom units.
Property: 111,483-s.f. office building in Santa Ana, Calif.
Price: $19.2M
Seller: Harbor Associates
Buyer: Meritage Homes
After securing entitlements to convert a vacant 111,483-s.f. office building in Santa Ana for residential use, Harbor sold the building to Meritage Homes for $19.2M.
“The project contemplates the demolition of the existing 111,483-s.f. office building currently on site to 86 three-story townhome units to take its place,” said Paul Miszkowicz, principal at Harbor Associates.
After seeing office demand wane in the wake of the COVID-19 pandemic, Harbor started working with the City of Santa Ana to re-entitle the site for residential use. They received approvals last quarter for an 86-unit townhome community that includes a mix of two-, three- and four-bedroom units.
“The COVID pandemic changed the way users live and work,” said Miszkowicz. “Our recent adaptive reuse business plans are reflective of markets that have an excess supply of office inventory, but are dramatically undersupplied for housing, industrial and life science uses. We anticipate more change in the built environment over the next 10 years than in the previous 30 years combined and are prepared to meet the needs of our local communities head on.”
First VP Greg Sullivan and Vice Chairman Anthony Delorenzo of CBRE advised Harbor in the sale to Meritage.
