Two apartment complexes in Santa Ana have sold for a combined $36.6 million dollars to a single buyer.
The transactions, brokered by Marcus & Millichap, included the 74-unit Park Tower Luxury Apartments and the 58-unit Park City View Luxury Apartments.
The properties are less than a mile from each other, north to south.
According to property records, the larger complex, Park Tower at 215 E 15th St., sold Dec. 29 for $21,450,000. The smaller Park City View property at 510 N Mortimer St. closed on the same day for $15,150,000.
“The properties are in a submarket where over 55% of households are renter occupied, average annual household income has grown 33.35% since 2010, and average occupancy over the next four years is projected to be 96.5%,” said Tyler Leeson, executive managing director of investments at Marcus & Millichap.
The firm represented the seller. The buyer was identified in public documents as LLCs registered to the same Los Angeles address.
Industrial complex in Anaheim sells for $18.5 million
A two-building industrial complex in Anaheim leased by Sonfarrel Aerospace sold recently for $18.5 million, according to CBRE.
The property at 3000 and 3010 East La Jolla St. has a combined 88,128 square feet.
The aerospace part manufacturer has occupied both buildings since 1974, CBRE said, and will continue to rent the space.
“This sale reflects the continued strong demand for well-located industrial properties in Southern California,” said Anthony DeLorenzo, vice chairman at CBRE. “The asset drew strong demand from a diverse buyer pool, ultimately transacting at a 4.9% cap rate.”
The one-story building at 3000 East La Jolla is 50,128 square feet and the second building is 37,128 square feet.
Santa Ana buildings sell for nearly $5 million
JA Roberto Investments recently bought two industrial buildings in Santa Ana for $4.95 million, according to JLL.
The buildings span a combined 27,443 square feet on 1 acre at 800-808 East Washington Ave.
JLL represented the seller, Q Creative LLC. The buyer was represented by Marcus & Millichap.
“This sale represents the demand we see from owner/users in the market for industrial buildings with fenced yards throughout Orange County,” said Xavier Nolasco, a vice president at JLL. “800-808 East Washington Avenue provided the buyer with the opportunity to occupy the property as a contractor’s yard.”
Apparel company plants HQ in Irvine
E&N Highpoint LLC, an international apparel company, recently bought a two-story building in Irvine for $3.21 million, JLL also reported.
The 6,171-square-foot research & development building at 16150 Scientific Way will be the company’s US headquarters with space for R&D and design.
JLL represented the seller, Ateck Holding LLC. The buyer was represented by Voit Commercial.
Co-working company eyes expansion in 2024
TailoredSpace recently opened its latest co-working space in San Juan Capistrano.
The company said it’s looking to nearly double its portfolio this year, with eight more co-working spaces coming to California. One of those will be in Laguna Niguel.
The firm’s latest work hub spans 14,000 square feet in Suite 1722 at 27131 Calle Arroyo. Other newer campuses are in Carlsbad and Placentia, bringing the portfolio to 10 locations.
TailoredSpace and its sister-brand SimplerSpace have coworking locations in Brea, Carlsbad, Chino Hills, Corona, Rancho Cucamonga, Riverside, San Juan Capistrano, and West Covina.
A CEO survey from The Conference Board shows that just 4% of chief executives in the U.S. will prioritize bringing workers back to the office full time. Instead, attracting and retaining talent is their top priority.
NAIOP taps new executive leadership
The Southern California chapter of NAIOP has announced its 2024 executive committee.
Members include President Eric Paulsen (Kidder Mathews); President-Elect Mark Mattis (Avison Young); Vice President Stephane Wandel (The Orden Co.); Treasurer Brooke Birtcher Gustafson (Birtcher Development); Secretary Brian Baker (JP Morgan); Programs and Education Liaison Fran Inman (Majestic Realty Co.); and Past President Justin McCusker (C.J. Segerstrom & Sons).
NAIOP is a trade group for developers, owners and investors of office, industrial, retail and mixed-use real estate.
On the move
Nick Espinosa has joined Anvil Real Estate in Laguna Hills as its “General of Growth” (also known as chief operating officer). He will oversee the firm’s daily operations. Previously, Espinosa worked for HomeLight, a Google-backed, Series D real estate tech company.
Shaun Shenouda has been promoted at Irvine-based SES Risk Solutions to president. The firm, acquired by Alliant in 2017, is an insurance provider for portfolios of single-family residential rental properties and properties held in trust by financial institutions. Previously, Shenouda was the company’s chief operating officer. He succeeds Bill Mecklenburg, who recently shifted to senior managing director at Alliant Underwriting Solutions.
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.
