Real estate news: 2 buildings in Rancho Santa Margarita’s Plaza Empresa sell for $19M
Two buildings within Plaza Empresa in Rancho Santa Margarita recently sold for $19 million, part of an ongoing breakup sale of the property, Faris Lee Investments said.
The brokerage said the seller, who was not identified, is executing “a broader break-up strategy” for the low-rise center, which features retail, office and medical tenants.
The deal closed Oct. 3, according to Faris Lee.
The buyer used a 1031 exchange to complete the transaction and was represented by Coastal Commercial.
The property off Aventura is anchored by the US Post Office and Laguna Beach Brewery, both of which provide “long-term, stable rental income” for the property owner, Faris reps said.
Faris Lee said it also completed the sale of Parcel 1 for $5.2 million, also in a 1031 exchange with the buyer. Parcels 4 and 5 are still to be sold but “are not on the market yet.”
Costa Mesa loft apartments sell for $12M
Two83 Lofts, a 25-unit apartment building in Costa Mesa, recently sold for $11.65 million, according to Marcus & Millichap.
The buyer and the seller were not identified by the brokerage.
“The buyer identified Two83 Lofts as a rare turnkey acquisition, with significant recent renovations and access to highly attractive private financing,” said W. Michael Cavner, first vice president investments at Marcus & Millichap’s Orange County office.
The property at 283 Avocado St. includes one-, two- and three-bedroom floor plans, most of which come with lofts. The brokerage said the property seller invested $1.5 million in upgrades, including unit interiors, common areas and structural elements.
Anaheim apartments switch owners in1031
Two small apartment properties with a combined 53 units in Anaheim recently sold in a 1031 exchange for a total $16.77 million.
“Our client wanted to trade their existing 20-unit, 1960s apartment property, Pearson Gardens, for a newer property with more units, a better location, and increased cash flow,” said Dan Blackwell at CBRE. “We assisted our client in identifying and acquiring a suitable upleg property that met their criteria before facilitating the sale of their existing downleg property.”
CBRE’s client bought the late-1980s complex Aria Apartments at 2910 W. Ball Road, which has 33 units, for $10.97 million, or $332,443 per unit.
The seller was from Texas, the brokerage noted.
Aria Apartments was built in 1986 and includes six, two-story buildings in 24,796 square feet. The property has a mix of one- and two-bedroom floor plans.
The 20-unit Pearson Gardens at 314 E. Pearson Ave. was sold for $5.8 million, or $290,000 per unit, CBRE said. The buyer was only identified as being from south Orange County. That investor sold single-family homes in order to exchange into the apartment property “to increase cash flow.”
Built in 1962, Pearson Gardens has a single two-story, 15,600-square-foot building with one- and two-bedroom floor plans.
CBRE noted that interest in smaller multifamily properties remains heightened.
“Orange County multifamily assets continue to attract buyers seeking a flight to quality, and we expect this investor demand to persist into the near future,” Blackwell said. “These two sales mark the CBRE Multifamily SoCal Team’s 95th and 96th transaction in the city of Anaheim.”
Garden Grove retail building trades hands for $6.8M
A 15,000-square-foot retail building leased by Dollar Tree in Garden Grove recently sold for $6.78 million, according to NAI Capital Commercial.
The brokerage only identified the buyer and seller as limited liability companies.
The freestanding building completed in 2005 sits at the corner of 10840 Katella Ave. and Euclid Street.
CREDE acquires Irvine-based Murow Development
Irvine-based CREDE (Commercial Real Estate Development Enterprises), has acquired Murow Development Consultants, an Irvine-based firm specializing in “horizontal land development infrastructure.”
Terms of the deal, which closed Friday, Oct. 11, were not disclosed by either firm.
CREDE said all of Murow’s teams, including its leadership, will remain in order to provide a “seamless continuation of service.”
Murow specializes in managing large-scale projects such as NBC Universal’s $1 billion “Evolution Plan” for Universal Hollywood Drive. The reconstruction of the road leading to Universal Studios includes installation of utilities, mass excavation, traffic signal systems and the construction of a pedestrian connector tunnel.
CREDE said that since 2018, it has grown to 165 employees in 27 states.
People on the move
Eric Paulsen, a longtime commercial real estate executive in Orange County, recently was promoted to president of Seattle-based Kidder Mathews.
Paulsen, formerly CEO of Topside Real Estate in Newport Beach and a managing principal at Cushman & Wakefield, will lead more than 500 brokers at the firm’s 19 locations in California, Washington, Oregon, Idaho, Nevada and Arizona.
He joined Kidder Mathews in 2021 as regional president for Southern California and Arizona. Since then, the company said he has recruited nearly 50 brokers and transacted more than 4,600 deals worth $7.3 billion.
“This promotion marks an important step in our ongoing succession planning,” said Kidder Mathews Chairman and CEO Bill Frame, SIOR, CCIM. “Eric is an exceptional leader. His experience, positive personality, and drive to win make him the perfect fit to lead our growth and amplify our outstanding company culture.”
Milestones
Joe and Sonya Lozowski, CEO and chairman, respectively, of Tangram Interiors in Newport Beach, were honored recently with the Samueli Academy Founders’ Vision Award.
The Lozowskis were key to the creation of Samueli Academy, a public charter school that opened in 2013 in Santa Ana. In addition to the school, the academy’s campus includes on-site housing for up to 48 students in the foster care program. Those students live in school dorms five days a week and go home to foster families for the weekend.
“We are truly honored to receive the Founders’ Vision Award,” Joe Lozowski said in a statement. “This recognition is a testament to the incredible work being done at Samueli Academy and the importance of community engagement. We are proud to contribute to the success of these students and the Academy as a whole.”
The Lozowski have five children, three of whom were adopted from the foster care program.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.
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