Construction has begun on Bolsa Row, a mixed-use development in Westminster’s Little Saigon, according to Irvine-based R.D. Olson Construction.
The project, on 6 acres at the intersection of Bolsa Avenue and Brookhurst, will include a 225,000-square-foot apartment complex, retail space, a full-service hotel by Wyndham Hotels and Resorts and various community spaces, according to the builder.
The five-story apartment complex will have 200 units, including a mix of studios and one- and two-bedroom apartments. Community amenities will include a courtyard, pool and spa, fitness studio, recreation space, clubhouse and 37,500-square-feet of attached retail space.
The hotel will have 148 guest rooms and amenity spaces including restaurants, a bar and lounge, elevated pool deck with cabanas, 48,000-square-feet of banquet space and a 700-stall subterranean parking structure. The property also will have an event lawn and wedding garden complete, plus a retail promenade.
The community’s style, conceived by KTGY Architecture + Planning and interior designer Cole Martinez Curtis, will recall the 1940s renaissance and French colonial architecture. A focal point of the community will be a replica of the Bến Thành Market clock tower – an iconic landmark of old Vietnam.
R.D. Olson Construction is also working with VCA Structural Engineering and MJS Landscape Architecture on the project.
The Little Saigon project is slated for completion in winter 2021.
Newport Beach buy
Buchanan Street Partners recently bought a two-building, 42,697-square-foot office for $11.5 million in Newport Beach.
The buildings at 1400 & 1420 Bristol Street North are fully leased with below-market rents, according to CBRE, which brokered the deal.
Buchanan Street Partners said it will begin a substantial improvement plan to upgrade the exterior of the buildings, enhance the common areas, add a shared elevator, improve signage and address any deferred maintenance.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller in the transaction.
Las Vegas sale
Newport Beach-based CapRock Partners has sold three industrial properties in Las Vegas for an undisclosed amount to Nicola Wealth Real Estate, a Canada-based subsidiary of Nicola Wealth.
The sale of the 276,912-square-foot portfolio marks Nicola Wealth’s first venture into the Las Vegas market, according to CapRock.
Acquired in off-market transactions by CapRock Partners in 2017, the sale of the portfolio includes:
- The Park @ Arville: The 160,554-square-foot, multi-tenant business park built in 1974 has suites ranging from 1,000 to 10,000 square feet with private outdoor storage yards and 15 to 20-foot clear heights.
- Valley View Commerce Center: Built in 1989, the 73,508-square-foot multi-tenant business park also has suites ranging from 1,776 to 6,528 square feet, with 15- to 17-foot clear heights.
- Valley View Business Park: The 42,850-square-foot single-story industrial building constructed in 1986 has suites ranging from 2,000 to 7,000 square feet.
People in real estate
Mitchel Zelinger has been promoted to executive vice president of business development at Tangram Interiors. Zelinger’s 30-year career in the furniture industry began when he and his father founded On-Site Fabricare, a furniture refurbishing company, in 1984. That company was subsequently sold to Pacific Business Interiors/Steelcase, which would later become Tangram. Following other involvements in the interiors business, Zelinger joined Tangram in 2004 with a focus on business development.
Dawn Impellizzeri has joined Select Capital Corporation in Ladera Ranch as senior vice president. She is responsible for sales and marketing efforts in the firm’s north-central territory, which includes Minnesota, Iowa, Wisconsin, Illinois, Indiana, Michigan, Kentucky, Ohio and western Pennsylvania.
Benjamin Gordon has joined the Laguna Beach office of Coldwell Banker Realty as an affiliate agent. Previously, he was an agent with Bullock Russell Real Estate Services.
On board
Christopher Beda, a 30-year veteran of the multifamily industry, has joined the board of advisors at Irvine-based WNC, a provider of investment, asset management and development services for the affordable housing industry. Beda is a partner with Wabash Partners, a private real estate investment firm that focuses on multifamily real estate, which he founded in 2018.
Milestones
Alexander + Hibbs, AIA Inc. is celebrating 25 years of business providing architectural services to healthcare, government, and health/fitness clients throughout Southern California. Founded in Anaheim in 1995 and led by Rolland (Rollie) E. Alexander III, the firm says it has completed over 1,500 architecture and planning projects for its clients.
Coming Up
On Monday, March 30, graduate student teams from the UCI’s Center for Real Estate and the University of San Diego Burnham-Moores Center for Real Estate will meet head-to-head in NAIOP SoCal’s first-ever University Challenge.
The five-member teams will be asked to develop an oral presentation for the highest and best use of a hypothetical scenario involving a Southern California parcel of land and present their findings to a judging panel of local industry leaders as well as a live audience.
The event will be held on the UCI campus and begins at 5:30 pm with networking.
For more information go to naiopsocal.org or contact the chapter office at 714-979-9131.
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.
