Universal Bank has sold a 65,000-square-foot vacant office property in Orange, Calif. Orange Senior Housing purchased the asset for $5.5 million and will redevelop it into a senior housing facility dubbed Katella Terrace, in partnership with the City of Orange. NAI Capital assisted both parties in the transaction.
Located at 1249 E. Katella Ave., the site is 3 miles northeast of downtown Orange, in a densely populated area holding numerous shopping options. Costa Mesa Freeway is half a mile away and Chapman Global Medical Center is roughly 4 miles southeast of the property.
Katella Terrace will replace the existing two-story office building, dating from 1974, with 74 senior housing units inside a three-story building. Amenities are to include a community room, exercise room and resident garden. The senior community will also have a gated parking area.
NAI Capital Senior Vice President Steve Heri and Vice President Steve Gim represented both entities in the deal. In July, a NAI Capital team assisted both buyer and seller in the $4.4 million sale of a 21-unit community in Pasadena, Calif.