A Taiwanese maker of industrial computers, devices and other tech products has signed a multimillion-dollar lease to build a six-story headquarters in the Tustin Legacy area.
NAI Capital, which listed the nearly 10-acre property at Red Hill Avenue and Victory Boulevard, estimates the 75-year ground lease is worth $264.8 million.
Advantech Co. leased the land from South Orange County Community College District, which has its tech campus, ATEP, on Victory Boulevard.
Kidder Mathews represented Advantech and said that in addition to the office building, the company is building a two-story 78,837-square-foot warehouse facility for storage, light manufacturing, repairing and packaging of its products.
The company will have the option to buy the property in 2034, according to Kidder Mathews’ brokers Oliver Ternate and Eric Tse.
“Selecting a place for our North American campus entailed more than just locating a viable construction site,” said Ween Niu, general manager of Advantech North America. “We wanted to find a location that would address the needs of our existing team members in terms of city amenities and services, while also finding a location that would be an exciting and inspiring attraction for new talent.”
Being next door to the ATEP campus also means Advantech has “a unique opportunity to cultivate new talent with community college students through an offering of internships, externships, mentoring and even careers,” Niu said.
Currently, the company works out of a 27,000-square-foot building in the Irvine Spectrum office campus. It expects to relocate to its new headquarters by late 2025.
Surf City apartments sell for $127 million
Regency Palms, a 310-unit gated apartment complex in Huntington Beach, recently sold for $127 million, according to The Mogharebi Group.
Property documents show the seller was Equity Residential, an investment firm that has owned Regency Palms for 30 years. The brokerage TMG did not identify the buyer.
The complex at 6762 Warner Ave. includes one- and two-bedroom apartments housed in two-story buildings on 14 acres. Amenities include three swimming pools, outdoor grilling areas, on-site laundry and two gated entrances.
Costa Mesa apartments built in 1957 fetch $5 million
Crestview Apartments, a 19-unit apartment property in Costa Mesa, traded hands for $5.025 million or $264,474 per unit, according to CBRE.
It was the property’s first sale in over 40 years, the brokerage said. It did not identifier the buyer or seller.
The complex at 859 W. 19th St. includes a two-story, 8,931-square-foot building completed in 1957 on just shy of half an acre.
The building has primarily studio apartments and an on-site laundry facility. Recent improvements included new exterior paint, repaved asphalt, new decks, new windows and wood replacement.
BKM buys light industrial park in San Jose for $31M
Newport Beach-based BKM Capital Partners recently bought Junction Business Park in Silicon Valley for $31 million.
The multi-tenant light industrial property includes two buildings in San Jose.
BKM will spend $1 million to upgrade the facility, including the addition of new HVAC systems and parking lots. It will also spend an estimated $873,000 in tenant improvements to spruce up the interiors. The property is fully leased to 13 tenants.
CapRock makes first purchase in Northwest
Newport Beach-based CapRock Partners recently acquired The Reserve at Woodinville, a 159,900-square-foot, industrial building near Seattle.
CapRock did not disclose terms of the deal but said it their first move into the Pacific Northwest.
The facility is leased to four tenants, including a custom wine producer, a brewery, an electrical construction contractor and a boardgame publisher/distributor.
CapRock also acquired a new, 249,844-square-foot Class A industrial building in Phoenix for undisclosed terms.
“5858 W. Lower Buckeye Road represents CapRock Partners’ ongoing investment in the Phoenix industrial market…” said Mike Kent, senior vice president, asset management at CapRock Partners.
On the move
Steve Harwood, a manufactured housing industry veteran with over 40 years of experience, has joined Yorba Linda-based HomeQuest as general manager. Harwood is based in Granite Bay.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
