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SF-Based Investor Pays S216/SF for 10-Acre Site
REAL ESTATE
The Santa Ana headquarters of Abbott Medical Optics has been sold to a San Francisco-based investor.
Privately held real estate investment company Drawbridge Realty said it paid $37 million to buy 1700 E. Saint Andrew Place, a three-story office a few blocks from the Costa Mesa (55) Freeway.
The 171,330-square-foot building sold for about $216 per square foot.
It's fully leased to Abbott Medical, a maker of laser vision technologies and a unit of Chicago-based Abbott Laboratories. The device maker has been at the location for about 14 years and has a lease there that expires in mid-2022.
The tenant will make upgrades to the property's exterior and parking lot next year, according to building marketing materials.
The building's annual rent is about $2.6 million, with automatic annual rental increases, according to the marketing materials. It was sold by a San Diego-based entity operating under the name Del Mar Partnership.
Louay Alsadek,...