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Meritage Homes Acquires Vacant Office Building In Santa Ana For $19.2M From Harbor Associates
SOLD
$19,200,000
California
See Similar DealsOffice111,483 SF
Sold 04/30/2025
SOLD
Meritage Homes Acquires Vacant Office Building In Santa Ana For $19.2M From Harbor Associates
2020 East 1st Street
See Similar DealsOffice111,483 SF
Sold 04/30/2025
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$172
Total Square Footage:111,483 SF
Transaction Type:Sale
The asset involved in the transaction is a vacant office building located at 2020 East 1st Street in Santa Ana. The property was sold for $19,200,000 and encompasses 111,483 square feet, resulting in a price per square foot of $172.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $19,200,000
- Buyer: Steven J. Hilton & Phillippe Lord - Meritage Homes
- Seller: Paul Miszkowicz - Harbor Associates
- Brokers: Anthony DeLorenzo & Greg Sullivan - CBRE
- Square Footage: 111,483
- Price per Square Foot: $172
- Market: Santa Ana
CBRE brokers Anthony DeLorenzo and Greg Sullivan facilitated the deal, where Meritage Homes plans to convert the office building into 86 townhomes following its re-entitlement for residential use last quarter due to increasing office vacancies.
Players
BUYER
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,024,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$68,213.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$91,017.80
Annual Debt Service$1,092,213.54
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