The City Tower, a 20-story, 435,177-square-foot office tower in Orange, was sold for $ 150.5 million.
The building on 333 City Boulevard houses the UC Irvine Medical Center, Enterprise Rent-A-Car, and Sedgwick and Spaces.
The transaction, brokered by Newmark Knight Frank, is Orange County’s largest office sale this year, according to the company.
The property received a $ 3 million renovation that added value to the lobby, fitness center, conference center, and main entrance.
Kevin Shannon, Paul Jones, Brunson Howard, Ken White and Brandon White from Newmark represented the seller Pacific Oak Capital Advisors. The buyer was Opal Holdings, a New York-based real estate investment firm.
El Verano, a new affordable, supportive, 54-unit housing complex for the homeless and low-income seniors, is now at 1248 E. Lincoln Ave. fully booked in Anaheim. Innovative Housing Opportunities transformed the dilapidated Sandman Hotel into a three-story residential complex with Spanish architecture. (Courtesy Innovative Housing Opportunities)
Anaheim residential project fully occupied
El Verano, a new affordable, supportive, 54-unit housing complex for the homeless and low-income seniors, is now at 1248 E. Lincoln Ave. fully booked in Anaheim.
Innovative Housing Opportunities transformed the dilapidated Sandman Hotel into a three-story residential complex with Spanish architecture.
The city purchased the hotel in 2017 for $ 3.5 million along with lots 1239 and 1249 E. Broadway. IHO, which proposed spending $ 23 million on the remodeling, has a 55-year lease with the city. Federal funding and tax credits were used to develop the home, in addition to a $ 2.5 million loan from the city.
Facilities include a common room, a computer room and a dedicated health office. All services are aimed at helping residents stay housed and “age with dignity and grace on the spot,” according to a statement from the organization.
El Verano is adjacent to IHO’s Rockwood Apartments, another multi-family complex that provides housing and care services to 48 formerly homeless families as well as 15 permanent support units for mentally ill residents of the Mental Health Services Act (MHSA).
Newport Beach-based CapRock Partners has purchased 21 acres in 10 lots for the development of three industrial buildings totaling 441,554 square feet in north Las Vegas. (Rendering courtesy of CapRock Partners)
More deals in Vegas
Newport Beach-based CapRock Partners has purchased 21 acres in 10 lots for the development of three industrial buildings totaling 441,554 square feet in north Las Vegas.
CapRock bought the land for a class A project that is due to break the ground in early 2022. Completion is expected by the end of the year.
The new project, called CapRock Tropical Logistics Phase II, is the second phase of the adjoining CapRock Tropical Logistics, a two-building logistics complex with an area of 1.1 million square meters that is almost completed.
Together, the two projects will comprise 105 acres or 34 legal parcels. CapRock said the first phase is 100% pre-let and should be ready in the fall.
Newport Beach-based Alere Property Group, an industrial property developer and investor, has purchased a 72,051-square-foot distribution warehouse in Rancho Cucamonga for a single tenant. The terms of the transaction were not disclosed. The building at 8700 White Oak Avenue is used by the Bluestar Express Group, an external logistics user. (Courtesy Alere Property Group)
Buy domestically for Alere
Newport Beach-based Alere Property Group, an industrial property developer and investor, has purchased a 72,051-square-foot distribution warehouse in Rancho Cucamonga for a single tenant.
The terms of the transaction were not disclosed.
The building at 8700 White Oak Avenue is used by the Bluestar Express Group, an external logistics user.
Nick Velasquez and Mike Hartell of Colliers International represented the seller and Alere on this transaction.
Bascom Group of Irvine and Spirit Investment Partners of Stamford, Connecticut, have purchased a 221-unit apartment complex in Evanston, Illinois for $ 49 million, or $ 222,217 per unit. The complex, named 415 Premier, is a 17-story high-rise built in 2008.
Bascom buys in the Chicago area
Bascom Group of Irvine and Spirit Investment Partners of Stamford, Connecticut, have purchased a 221-unit tower block in Evanston, Illinois for $ 49 million, or $ 222,217 per unit.
The building, named 415 Premier, is a 17-story high-rise built in 2008.
Dan Cohen from CBRE represented the seller. Peter Marino, also from CBRE, arranged the acquisition financing through Rialto Capital Management.
Buchanan Street Partners, Newport Beach, has purchased Village of Rowlett, a 249-unit apartment complex in suburban Dallas, Texas from Catalyst Urban Development. Conditions were not disclosed by the companies. (Courtesy Buchanan Street Partners)
Buchanan Street shops in Texas
Buchanan Street Partners, Newport Beach, has purchased Village of Rowlett, a 249-unit apartment complex in suburban Dallas, Texas from Catalyst Urban Development.
Conditions were not disclosed by the companies.
The three-year-old village of Rowlett has 16,000 square feet of retail space and a mix of studios, one-bedroom and two-bedroom units, and 27 two-bedroom townhouses. The property was 96% occupied at the time of sale, Buchanan Street said.
Facilities include a swimming pool and sundeck, camp-style fire pit, urban communal garden, and yoga / fitness center.
The Aaron Kirman Group in Los Angeles has named former NFL cornerback real estate agent Morgan Trent as managing director for its Orange County expansion. Trent, who began his Orange County real estate career with The Related Companies in 2012, starred with Kirman on the CNBC show. (Courtesy of the Aaron Kirman Group)
‘Listing Impossible’ team expands into OC
Aaron Kirman Group in Los Angeles is looking for more luxury sales in Orange County and is appointing former NFL cornerback, who has become real estate agent Morgan Trent, as managing director for the new company.
Aaron Kirman, Founder and President of the firm and President of International Luxury Estates at Compass, is the host and agent who stars in Listing Impossible on CNBC. The first season featured a listing in Dana Point that worked for three years before Kriman sold it for $ 9,995,000 in October 2018.
Trent, who started his Orange County real estate career with The Related Companies in 2012, starred with Kirman on the CNBC show.
There is currently no office space for the Orange County division. Trent, the company said, will initially focus on growing his team.
Traveling
Jim and Margaret Turco have joined the Mission Viejo office of Berkshire Hathaway HomeServices California Properties. The Turcos were among the founders of Surterre Properties, with offices in Laguna Beach, Monarch Beach and Newport Beach.
Troy Dao has joined The Saywitz Co. of Newport Beach and will help the brokerage firm expand its business development group and brokerage activities. He has a background in customer service and sales.
Troy Dao has joined The Saywitz Co. in Newport Beach. Patty Arvielo, co-founder and president of New American Funding, based in Tustin, has been named one of the most powerful women in the mortgage business by Mortgage Banker.
Milestones
Patty Arvielo, co-founder and president of Tustin-based New American Funding, has been named one of the most powerful women in the mortgage business by Mortgage Banker. This is the first time that Arvielo has been recognized by the magazine. First American, with 179 locations and approximately 4,800 employees nationwide, wrote 170,000 loans over $ 43.4 billion in 2020.
Good works
Sea Pointe Construction, a home design / construction company in Irvine, has donated new furniture and has partnered with Galleher to provide flooring for the renovation of a unit in the Thomas House Family Shelter in Garden Grove.
This is the second unit Sea Pointe renovated at Thomas House during the COVID-19 pandemic.
Thomas House has provided rent-free housing to over 1,500 families to help residents obtain permanent housing while monitoring and improving their personal finances.
Real estate transactions, leases and new projects, industry recruitments, new ventures and upcoming events are compiled from press releases from contributing author Karen Levin. Email articles and high resolution photos to business editor Samantha Gowen at sgowen@scng.com. Please allow at least one week for publication. All elements are edited for reasons of clarity and length.
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