20-story office tower in Orange sells for $ 150 million – Orange County Register
City Tower, a 20-story, 435,177 square foot office building in Orange, was sold for $ 150.5 million.
The building at 333 City Boulevard is home to UC Irvine Medical Center, Enterprise Rent-A-Car, and Sedgwick and Spaces.
The deal, which was negotiated by Newmark Knight Frank, is the biggest office sale in Orange County this year, according to the company.
The property underwent a $ 3 million renovation that upgraded the lobby, fitness center, conference center, and main lobby.
Kevin Shannon, Paul Jones, Brunson Howard, Ken White and Brandon White of Newmark represented the seller, Pacific Oak Capital Advisors. The buyer was Opal Holdings, a New York-based real estate investment company.
Fully occupied Anaheim housing project
El Verano, a new apartment complex of 54 affordable and supportive housing for the homeless and low-income seniors, is now fully occupied at 1248 E. Lincoln Ave. in Anaheim.
Innovative housing opportunities have converted the dilapidated Sandman Hotel into a three-story community with Spanish architecture.
The city purchased the hotel in 2017 for $ 3.5 million as well as plots at 1239 and 1249 E. Broadway. The IHO, which has offered to spend $ 23 million on the conversion, has a 55-year lease with the city. Federal funds and tax credits were used to develop the apartment in addition to a $ 2.5 million loan from the city.
The facilities include a community room, a computer room and a dedicated health office. All services aim to help residents stay housed and “age in home with dignity and grace,” the organization said in a statement.
El Verano is adjacent to the Rockwood Apartments of the IHO, another multi-family complex that provides housing and support services to 48 formerly homeless families, as well as 15 housing units with permanent support services for residents of the Mental Health Services Act (MHSA) living with mental illness.
More deals in Vegas
Newport Beach-based CapRock Partners purchased 21 acres of land in 10 plots for the development of three industrial buildings totaling 441,554 square feet north of Las Vegas.
CapRock has purchased the land for a Class A project slated to begin in early 2022. Completion is expected by the end of this year.
The new project, named CapRock Tropical Logistics Phase II, is the second phase of the adjacent CapRock Tropical Logistics, a 1.1 million square foot two-building logistics complex that is nearing completion.
Together, the two projects will encompass 105 acres or 34 legal plots. CapRock said the first phase is 100% pre-leased and should be ready in the fall.
Inland buy for Alere
Newport Beach-based Alere Property Group, an industrial real estate developer and investor, has purchased a 72,051 square foot single-tenant distribution warehouse in Rancho Cucamonga.
Terms of the transaction were not disclosed.
The building at 8700 White Oak Avenue is occupied by Bluestar Express Group, a third-party logistics user.
Nick Velasquez and Mike Hartell of Colliers International represented the seller and Alere in this transaction.
Bascom buys in Chicago area
Bascom Group in Irvine and Spirit Investment Partners of Stamford, Connecticut, bought a 221-unit apartment tower in Evanston, Illinois, for $ 49 million or $ 222,217 per unit.
The building, called 415 Premier, is a 17-story skyscraper built in 2008.
Dan Cohen of CBRE represented the vendor. Peter Marino, also of CBRE, arranged the financing for the acquisition through Rialto Capital Management.
Buchanan Street buys in Texas
Buchanan Street Partners in Newport Beach bought Village of Rowlett, a 249-unit apartment complex in Rowlett, Texas, a suburb of Dallas, from Catalyst Urban Development.
The terms were not disclosed by the companies.
The 3-year-old Village of Rowlett includes 16,000 square feet of retail space as well as a mix of studio, one-bedroom and two-bedroom units, in addition to 27 townhouses of two rooms. The property was 96% occupied at the time of the sale, Buchanan Street said.
Amenities include swimming pool and sun deck, camp style fire pit, urban community garden, and yoga / fitness center.
The ‘Listing Impossible’ team expands to OC
Los Angeles-based Aaron Kirman Group is looking for more luxury sales in Orange County, appointing former NFL cornerback turned realtor Morgan Trent as the new company’s general manager.
Aaron Kirman, founder and chairman of the company and chairman of International Luxury Estates at Compass, is the host and agent who stars in “Listing Impossible” on CNBC. The first season featured a roster at Dana Point who had worked hard for three years before Kriman sold it for $ 9,995,000 in October 2018.
Trent, who started his career in Orange County real estate at The Related Companies in 2012, starred with Kirman on the CNBC show.
So far there is no office space for the Orange County Division. Trent, the firm said, will focus on growing his team first.
Jim and Margaret Turco have joined the Mission Viejo office of Berkshire Hathaway HomeServices California Properties. The Turcoes were among the founders of Surterre Properties, which has offices in Laguna Beach, Monarch Beach and Newport Beach.
Troy Dao has joined The Saywitz Co. in Newport Beach and will help the brokerage grow its business development group and brokerage operations. He has training in customer service and sales.
Patty Arvielo, co-founder and president of Tustin-based New American Funding, has been named one of Mortgage Banker’s Most Influential Women in Mortgage. This is the first time that Arvielo has been honored by the magazine.
Sea Pointe Construction, a residential design / build company in Irvine, donated new cabinetry and partnered with Galleher to provide flooring to renovate a unit at the Thomas House Family Shelter in Garden Grove.
This is the second unit that Sea Pointe has renovated at Thomas House during the COVID-19 pandemic.
Thomas House has provided more than 1,500 families with rent-free shelter in an effort to help residents maintain permanent housing while monitoring and improving their personal finances.
Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email items and high-resolution photos to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All elements are subject to change for clarity and length.