Meritage Homes Acquires Vacant Office Building In Santa Ana For $19.2M From Harbor Associates

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.