CBRE closed the $11 million sale of a former Farmers & Merchants Bank branch at 10422 Garden Grove Blvd. in Garden Grove. The transaction ranks among the highest price-per-square-foot sales in the submarket at more than $1,125 per square foot, according to CBRE.
CBRE’s Cameran Lindee and Greg Sullivan led the assignment on behalf of the seller, Farmers & Merchants Bank.The buyer was not disclosed.
“To maximize value for our client, we co-marketed the asset as both an owner-user and residential development opportunity,” said Lindee. “Knowing that residential development could unlock significantly greater value, we brought in CBRE’s land and development expertise and created a competitive bid environment with potential users.”
The 9,773-square-foot freestanding building occupies a 2.23-acre parcel zoned for mixed use, allowing residential development with a required commercial component. CBRE noted that Garden Grove continues to draw strong investor interest as a supply-constrained, high-demand multifamily submarket within Orange County.
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