The former Kohl’s building at Bristol Marketplace in Santa Ana might soon have a new permanent tenant.
The 107,687-square-foot retail property — adjacent to the larger Target-anchored shopping center — sold recently to a Texas-based investment firm for $16.7 million, according to JLL Capital Markets.
Tabani Group, based in Dallas, bought the two-story property from the Santa Ana Unified School District.
In addition to the building now occupied by Furniture Ave, the shopping complex at 1351 W 17th St. includes several other smaller tenants that flank the larger building.
“The offering presented investors with a rare opportunity to reposition a vacant box within a core shopping center with in-place cash flow,” JLL brokers said in a statement.
Daniel Tyner at JLL said the sale will create an “opportunity to reposition a former department store into a more functional retail center that better aligns with the surrounding community.”
The larger shopping center is also home to a Target, Smart & Final, CVS and Starbucks.
Garden Grove buys office building for $12.2 million
The city of Garden Grove recently bought the Garden Grove Plaza office building for $12.12 million, according to CBRE.
The five-story building at 12966 Euclid St. is just across two parking lots from Garden Grove City Hall.
CBRE’s Investment Properties Anthony DeLorenzo, Bryan Johnson and Nick Williams, along with Peter Wells in CBRE’s Orange County office, negotiated the sale to the City of Garden Grove.
Rexford sells Santa Ana industrial complex for $11.3 million
Costa Mesa-based Rexford Industrial has sold Harbor Warner Business Center, a 38,643-square-foot industrial business park in Santa Ana, for $11,275,000.
The buyer was not identified by Voit Real Estate Services, which represented Rexford in the sale.
The business park at 2525 S. Harbor Boulevard and 3720-3752 W. Warner Avenue was fully leased at the time of the sale.
New HQ leases in Newport Beach
Best Choice Products has signed a headquarters lease for 53,478 square feet at 100 Bayview in Newport Beach.
The company, which is moving from its current base on Red Hill Avenue in Tustin, will occupy the first floor, bringing about 120 employees with plans to add 100 more.
Granite Properties, which owns the office complex at 100 Bayview, said BCP is relocating in the second quarter or 2024 from 15101 Red Hill Ave.
BCP was represented by Scott Wetzel and Jeff Ingham of JLL, and Granite was represented by Justin Hill and Dean Chandler of CBRE.
HB multifamily building sells for $2.4M
A five-unit apartment building in Huntington Beach recently sold for $2.4 million or $479,000 per unit, according to CBRE.
The 44-year-old property at 7872 Liberty Drive spans 3,604 square feet in two stories and includes one-, two- and three-bedroom units. The previous owner, CBRE notes, renovated two units with a new central water heater, updated windows, garage doors, exterior paint and landscaping.
“This is an attractive multifamily property situated in an ideal rental location, close to restaurants, nightlife, entertainment, shopping, renowned beaches, transportation and the 405 freeway,” said Dan Blackwell at CBRE.
CBRE represented the San Diego-based 1031-exchange buyer, who was not identified by the brokerage. The seller also was identified only as being based in Huntington Beach.
Dan Blackwell and another CBRE associated represented the buyer’s “downleg” property sale, another five-unit multifamily rental property near Escondido’s historic downtown that sold for $1.41 million.
STG building 214 rental homes in Paso Robles
Newport Beach-based STG Capital Partners paid $16,957,000 for 17 acres of land in Paso Robles, where it will build 214 build-for-rent homes.
Completion is expected in mid-2025, the firm said.
Max Benjmain Partners secured $97 million in financing for the project’s development.
STG Capital Partners represented itself in the acquisition. The seller, Danny Brose, was represented by WD Land.
Industry people
Bob Byrd was hired at Newport Beach-based Westar Associates as director of operations. He is responsible for overseeing all operations, tenant coordination, and landscaping for Westar Management Inc.’s Southern California commercial retail portfolio.
Previously, Byrd spent 12 years working with and for the Irvine Company Retail Properties division as the operations manager at The Market Place.
Good works
Century 21 Discovery in Fullerton raised $19,500 for local charities at its 28th annual charity fundraiser held Nov. 14.
The event was hosted by the brokerage’s nonprofit Discovery Charity Foundation.
The recipient charities for 2023 are Boys and Girls Clubs of Fullerton, Hope Center, Meals on Wheels of Fullerton, National Giving Alliance Fullerton, Providence St. Jude Memorial Foundation, Radiant Futures (formerly WTLC), and Tara’s Chance.
The “Celebrate Giving with CENTURY 21 Discovery” dinner and auction has raised nearly $470,000 for Orange County charities since its inception.
For more information about the foundation, go to discoverycharityfoundation.org.
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.
