Updated Oct 29, 2024
MGR Real Estate Acquires Canvas Costa Mesa Office Property For $91.5M
3070 Bristol St Costa Mesa, Ca 92626, Usa
$91,500,000
$165/SF
Building Size
553,000 SF
Asset Type
Office
Closing
Jul 26, 2023
About this deal
AI
MGR Real Estate has acquired the Canvas Costa Mesa office property in California for $91.5 million. The 553,000-square-foot office space, located at 3070-3150 Bristol Street in Costa Mesa, was previously owned by Blackstone Group's EQ Office. In 2020, the property underwent a redevelopment and now offers creative office spaces. Currently, it is 68 percent occupied and comes with amenities such as a fitness center and conference center.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $91,500,000
- Square Footage: 553,000
- Price per Square Foot: $165
- Address: 3070-3150 Bristol Street, Costa Mesa
- Market: Costa Mesa
Leading the acquisition were Michael Rademaker and Tony Hermosillo from MGR Real Estate. Brian Bowis from Newmark acted as the loan broker in the deal.
On the Map
$91,500,000
$165/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93