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The City Of Garden Grove Acquires Garden Grove Plaza Office Building For $12.12M
SOLD
$12,120,000
+ 1
California
See Similar DealsOffice64,402 SF
Sold 12/11/2023
SOLD
The City Of Garden Grove Acquires Garden Grove Plaza Office Building For $12.12M
12966 Euclid Street
See Similar DealsOffice64,402 SF
Sold 12/11/2023
+ 1
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$188
Total Square Footage:64,402 SF
Transaction Type:Sale
The City of Garden Grove has purchased the Garden Grove Plaza, a five-story office building located at 12966 Euclid Street in Garden Grove, CA. The strategic acquisition of this well-located asset next to City Hall will provide strong cash flow for the future. The sale, facilitated by CBRE's Investment Properties team, closed for a total of $12,120,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $12,120,000
- Square Footage: 64,402
- Price per Square Foot: $188
- Address: 12966 Euclid Street, Garden Grove, CA
- Market: Garden Grove
CBRE's brokers Anthony DeLorenzo, Bryan Johnson, Nick Williams, and Peter Wells represented the City of Garden Grove in the transaction. Their expertise and guidance ensured a successful sale of the Garden Grove Plaza.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$646,399.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$43,059.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,454.98
Annual Debt Service$689,459.80
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