24-unit apartment complex in Garden Grove sells for $8 million – Orange County Register
The 24 Chapman Villa Apartments in Garden Grove sold for $8.15 million or $339,500 per unit, according to Marcus & Millichap.
The 19,345 square foot complex located at 7692-7732 Chapman Ave. features two-bedroom units spread across four adjoining buildings.
Greg Bassirpou at M&M represented the seller and buyer, unidentified only as local limited liability companies.
“The property is located in a very desirable area, next to a quiet residential area, and the seller was able to maximize value through a complete exterior and interior renovation,” he said. .
The buyer completed a 1031 exchange by acquiring the complex, a “turnkey property that offers good cash flow and good growth in projected rents,” Bassirpou said.
Bascom buys Northridge complex for $52.5 million
The Bascom Group in Irvine has acquired a 140-unit apartment complex in Northridge for $52.5 million or $375,000 per unit.
The properties, NMS Northridge and NMS Superior, are mostly two- and three-bedroom units. Each has a private two-car garage or two structured parking spaces, Bascom said.
Los Al medical complex attracts longtime tenant
Apex Innovative Sciences, a clinical trial site operator, signed a 12.5-year lease for 30,962 square feet at Los Alamitos Medical Center.
Financial terms of the lease were not disclosed.
CBRE’s Sonya Dopp-Grech, Steven Lewallen and Ryan Dopp represented the owner, Welltower, a real estate investment firm specializing in medical properties.
The three-story property located at 3771 Katella Ave. is in a medical campus that includes Tenet Healthcare, Coast Urological Medical Group and Retina Consultants.
Chipotle property sells for $8.2 million
According to Hanley Investment Group Real Estate Advisors, a Chipotle-anchored multi-tenant retail complex at the Foothill Ranch Towne Center has sold for $8.2 million.
The largest mall is anchored by Walmart Supercenter and Target and also includes a 99 Cents Only, Hobby Lobby, JOANN, Michaels, Old Navy, PetSmart and Regal Cinemas.
Hanley Investment Group represented the seller, Thomas English Real Estate in Indianapolis, Indiana. The buyer was not identified solely as a Glendale investor and was represented by Jack Nersesian at DAUM Commercial Real Estate Services.
The 6,873 square foot building sits at 26592 Towne Center Drive on nearly one acre and also includes Firehouse Subs and Guidepost Montessori. The property was built in 2004 and renovated in 2020.
N.B. company abandons Chino Hills centers for $19M
VantageOne Real Estate Investments in Newport Beach has sold two Chino Hills commercial properties for a total of $19 million.
Chino Hills Grand Plaza, a 12,948 square foot retail building at 3410 Grand Ave., sold for $11.42 million to an unidentified Burbank investor. Center tenants include First Citizens Bank, Pacific Dental Services, It’s Boba Time and Pick Up Stix.
Gateway Village, a 14,771-square-foot, two-tenant retail building in nearby Sprouts Mall, has sold for $7.64 million to an unidentified Santa Clarita investor. Tenants are Dunn-Edwards and Sit ‘n Sleep.
Hanley Investment Group negotiated the transactions on behalf of VantageOne.
“Investor demand for well-located, multi-tenant commercial properties has reached unprecedented levels in the second half of 2021,” said Bill Asher, executive vice president of Hanley. “We generated numerous competitive and qualified offers on both Chino Hills Grand Plaza and Gateway Village, and secured two separate Southern California-based 1031 exchange buyers at 100% of the asking prices for both assets. “
Both malls are across from Grand Avenue and The Shoppes at Chino Hills, one of the busiest malls in the city.
CapRock expands into Texas
CapRock Partners, based in Newport Beach, has opened an office in Texas.
The Dallas-Fort Worth team will be led by CapRock co-founder and president Jon Pharris. The company said it is looking for industrial real estate investment opportunities as well as land for large-scale logistics development throughout Texas.
Pharris retains his current title and role with the Industrial Real Estate Investment and Management Company.
“The Dallas/Fort Worth Metroplex is a vital North American logistics hub and CapRock is thrilled to officially establish a presence here,” said Pharris. “As we integrate into the DFW industrial real estate market, CapRock is looking to build a strong local team to execute our development and investment strategies.”
Leadership changes at Faris Lee
Jeff Conover, Don MacLellan and Shaun Riley have been promoted to managing directors at Faris Lee Investments, an Irvine-based retail real estate advisory firm.
The promotions come as the company’s CEO, Rick Chichester, retires. He will remain with the company until January 31.
Conover, Don MacLellan and Shaun Riley, all longtime Faris executives, will focus on team collaboration, mentorship and talent development with plans to implement a major recruiting initiative and hire brokers at all levels.
“As we emerge from the pandemic, it’s a perfect junction for new leadership to take the helm to lead the business,” MacLellan said.
Employees of KBS, a Newport Beach-based commercial real estate investment firm, recently participated in a volunteer event to build 18 bikes for Crittenton Services for Children and Families in Fullerton. The non-profit behavioral health and child welfare organization serves the most vulnerable children, youth and their families.
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res articles and photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.