3 buildings in northern Orange County sell for $ 20 million – Orange County Register
Three industrial buildings in northern Orange County have been sold for nearly $ 20 million, according to CBRE.
At Orange, Steuber Corp. purchased a 15,913 square foot single-tenant independent building at 500 Blueridge Ave. for $ 4.84 million. CBRE represented the vendor, Blueridge Business Group LLC.
In Anaheim, TA Realty LLC purchased a 38,534 square foot single-tenant independent building at 1375 N. Miller St. for $ 9.08 million. CBRE represented the buyer and seller, William Griffith Trust, in an off-market transaction.
Finally, in Fullerton, Goodman North America purchased a 24,600 square foot building at 1221-1223 State College Blvd. for $ 5.21 million. The building has nine tenants. The CBRE team represented the buyer and seller, State College LLC. Some may recall that Goodman purchased the old Kimberly-Clark campus in Fullerton in 2019 with the intention of redeveloping the 65-acre manufacturing and distribution center into a modern logistics campus.
“These transactions have received a lot of attention,” said Keith Greer of CBRE. “The Fullerton deal drew six bids in the first week and the Orange deal also drew five full-price bids in the first week.”
The county “is on track for one of its best years for rental and sales activity as demand for industrial space accelerates,” according to CBRE researchers.
CBRE says the average asking selling price has increased 28% year over year.
Michael’s property sells for $ 4.85 million
A property anchored by Michaels in the Foothill Ranch Towne Center was sold for $ 4,850,000, according to Hanley Investment Group Real Estate Advisors.
Eric Wohl and CJ Kiehler of Hanley Investment Group represented the seller, two unidentified family trusts in Southern California and Nevada. The buyer, an unidentified Orange County investor, was represented by Mark Jerue and Craig Fitterer of Lee & Associates of Irvine.
“We generated several qualified offers and got a 1031 exchange buyer who was very knowledgeable about the business,” Wohl said. “Michaels has a long-term operating history of over 17 years in the mall and recently executed his second option.”
Neighboring tenants include Target, Walmart Supercenter, Hobby Lobby, Ralphs, At Home, Planet Fitness, Regal Cinemas, 99 Cents Only Stores, PetSmart, CVS, In-N-Out, JOANN Fabrics and Crafts, Raising Cane’s, Chick-fil- A, Del Taco and Dunkin ‘.
The 25,000 square foot Michaels Building was constructed in 1994 and spans 2.63 acres at 26752 Portola Parkway.
Alere buys from Irvine
Alere Property Group has acquired 8710-8750 Research Drive, a 35,475 square foot Class A industrial warehouse in Irvine.
The terms and the name of the seller were not disclosed.
The building within the Irvine Spectrum Market was constructed in 2005 and is occupied by a technology maker. Alere said the tenant is expected to continue operating as is.
“The acquisition of 8710-8750 Research Drive is an important addition to the diversification and long-term value of Alere’s portfolio,” said Alan Carmichael, senior vice president of investments at Alere Property Group. “Alere owns approximately 3.71 million square feet spread over 50 assets in Orange County. The 8710-8750 Research Drive is a premier flexible light industrial space in an A + location in the Irvine spectrum that Alere says will perform well for years to come.
CRE company expands to OC
Tauro Capital Advisors, a Los Angeles-based financial services firm specializing in commercial real estate, has opened its first office in Orange County.
The company’s Costa Mesa office follows Tauro’s expansion into Northern California, where it recently opened an office in Sacramento, according to Stephen Stein, managing partner at Tauro Capital Advisors.
“Our new location in Orange County will allow us to continue serving our clients, as well as to nurture and foster our relationships with lenders across the region,” Stein said in a statement.
Tauro found an opportunity in the rise of so-called “ghost kitchens,” which evolved during the pandemic as restaurants closed and food delivery gained popularity. Ghost kitchen enables a chef and his staff to produce restaurant-quality food on industrial sites.
Stein said Tauro has funded more than $ 30 million in ghost kitchens in the past 5 months.
Tauro’s Orange County office will be headed by Senior Managers Matt Bucaro and Anthony Johnston.
Inland buy for Wood Investments
Wood Investments Cos. in Costa Mesa has purchased 20 acres for $ 18.49 million from Ontario Ranch and plans to develop a new retail center in the burgeoning “Irvine of the Inland Empire”.
The 206,072 square foot mall will be anchored by an unnamed but national grocery store, Burlington Coat Factory, Five Below, Hobby Lobby and Planet Fitness.
“We are already 70% pre-let and plan to announce more tenant names soon, including several top restaurants,” said Greg Vujnov, COO of Wood Investments Companies. “Retailers recognize the tremendous population growth in the planned Ontario Ranch community. The strong lineup of retail, restaurant and service tenants will be supported by a young and growing residential neighborhood, as well as a vibrant daytime population.
The Ranch at Model Colony Shopping Center will be at the intersection of Ontario Ranch Road and Hamner Avenue.
“This part of Ontario is often referred to as the ‘Irvine of the Inland Empire’,” said Vujnov.
CBRE represented Wood Investments Cos. in sales and rental transactions. The vendor was GDC RCCD 2 LP in San Diego, also represented by CBRE.
LPA Design Studios in Irvine hired life science veteran Isabel Mandujano as the lab’s planning director. She will support LPA’s growing work in life science facilities for corporate, pharmaceutical and biotechnology customers. Prior to joining LPA, Mandujano held the position of Senior Laboratory Planner at an integrated company specializing in the biotechnology, pharmacy, manufacturing, and food and beverage industries.
Annette M. Walker, President of City of Hope of Orange County, will be the star of the 10th Annual SPIRE Awards organized by Commercial Real Estate Women Orange County.
The rewards program recognizes the best performance in the Orange County real estate market.
SuZanne Kennedy, former president of CREW Orange County and national title coordinator at Chicago Title, will lead the awards as master of ceremonies.
This year’s ceremony will take place on Friday October 15 at AV Irvine. Nominations for the SPIRE Awards must be submitted by Friday September 3rd.
For more information, visit crewocspireawards.com.
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.