A Garden Grove shopping center has been sold for $33.5 million, according to NAI Capital Commercial.
The center at 10870 W Katella Ave. was sold by Red Mountain Group to Katella Star Plaza.
Katella Gateway was completed in 1979 and got a remodel in 2017. The fully leased shopping center is anchored by UEI College and also includes Gold’s Gym, Jugos Acapulco, Octapharma Plasma, Boulder Express Laundromat, T-Mobile, and Wholesale Nutrition Center.
Sheri Messerlian with NAI Capital Commercial’s Retail Services Group in Torrance represented the buyer. Red Mountain Group was represented by John Read of CBRE.
A Starbucks property in La Palma has sold for $2.75 million, according to Hanley Investment Group Real Estate Advisors. (Courtesy of Hanley Investment Group)
La Palma SBX property sells for $2.8M
A Starbucks property in La Palma has sold for $2.75 million, according to Hanley Investment Group Real Estate Advisors.
Hanley’s team of Bill Asher, Jeremy McChesney and Jeff Lefko represented the seller, The Festival Cos. of Los Angeles, in a 20-year, triple-net ground lease for the new drive-through-only Starbucks. The buyer, identified as a Brea-based investor, was represented by Mike Yim at Team Spirit Realty in Buena Park.
The La Palma deal was one of five Starbucks properties the Hanley team represented in recent weeks. The brokerage handled similar sales totaling $18.35 million combined in Redondo Beach, El Cajon, Rosamond and Modesto.
Stos Partners in Encinitas has bought a 71,616 square-foot manufacturing property within the Irvine Business Complex and adjacent to Tustin Legacy from an unidentified seller for $19.2 million. Microvention, a medical device company and the current tenant, will leave the Tustin building at 1311 Valencia Ave. at the end of its lease term in March, according to Stos. (Courtesy of Stos Partners)
Tustin manufacturing building sells for $19.2M
Stos Partners in Encinitas has bought a 71,616 square-foot manufacturing property within the Irvine Business Complex and adjacent to Tustin Legacy from an unidentified seller for $19.2 million.
Microvention, a medical device company and the current tenant, will leave the Tustin building at 1311 Valencia Ave. at the end of its lease term in March, according to Stos. The bio-tech company’s headquarters is in Aliso Viejo.
“The life science and specialized R&D industries are rarely impacted by market fluctuations as there is always a need for these services,” said CJ Stos, principal at Stos Partners, in a statement. “Once the current tenant vacates, we plan to lease up the building to a specialized manufacturer who will benefit from the property’s strong location and high-tech features, positioning the asset for stable cash flow and upside potential amidst tightening vacancies over the next several years.”
Michael Hartel, Nick Velasquez, and Grant Clancy at Colliers International represented the seller and Stos Partners in the transaction.
Newmark has arranged the sale of Sky Park, an 81,551-square-foot, three-building office campus in Irvine. Terms of the sale were not provided by Newmark. (Courtesy of Newmark)
Koll Co. sells Sky Park in Irvine
Newmark has arranged the sale of Sky Park, an 81,551-square-foot, three-building office campus in Irvine.
Terms of the sale were not provided by Newmark.
Kevin Shannon, Paul Jones, Sean Fulp, Brandon White represented the seller, The Koll Co. The buyer was unidentified.
New Home readies Ontario townhomes
Irvine-based New Home Co. has begun building 72 townhomes in Ontario that will be priced in the low-$500,000 range.
The first closings and move-ins at Nuvo Piemonte are tentatively scheduled for March 2022, according to New Home.
The homebuilder said 16 of the units have already been sold. Prices for the three-story homes begin at $506,924 and include 2,202 square feet of living space, up to five bedrooms and three- and one-half baths. The builder said an accessible dwelling unit with a separate entry would be available in Plan 3 and Plan 4.
The community, which will encompass 10 buildings, is next door to the Piemonte at Ontario Center, a Target-anchored shopping center.
The interest list can be found at NUVOPiemonte.com.
The Bascom Group in Irvine has bought Tranquility Lakeside, an apartment complex with 212 units in the city of Pearland, Texas. Terms were not disclosed by the firm. (Courtesy of The Bascom Group)
Bascom closes 38th Texas deal
The Bascom Group in Irvine has bought two more apartment complexes in Texas totaling 602 units.
The investment firm did not disclose the terms of the two-property purchase.
Spencer Park Row has 390 units and is near Katy in west Houston. Tranquility Lakeside has 212 units and is in the city of Pearland.
The deals marked the 38th multifamily transaction closed in Texas for Bascom.
“We underwrote over $16 billion in multifamily deals this year in Texas, so it’s great to get a few more closed,” said James D’Argenio, Senior Principal for Bascom.
Clint Duncan and Matt Phillips of CBRE represented the unidentified seller in the transaction.
In another Bascom deal, the firm bought a 200-unit apartment complex in Las Vegas for $40.5 million or $202,500 per unit. (Courtesy of The Bascom Group)
Vegas apartments sell to Bascom for $40.5M
In another Bascom deal, the firm bought a 200-unit apartment complex in Las Vegas for $40.5 million or $202,500 per unit.
The deal was handled in-house by Scott McClave and Tom Gilfillan, and financing with ACRE Credit was arranged by Annie Rice and Jamie Kline with JLL Capital Markets.
Sun Chase was completed in 1985 and includes one- and two-bedroom garden-style apartments. Amenities include a fitness center, resident clubhouse, pool and barbecue, along with a putting green.
Bascom said it will update the fitness center, clubhouse and pool areas while repurposing the putting green into a park with a shaded play structure, barbecue station and seating areas.
Hootan Hamedani, CEO and founder of Hootan & Associates Design Studio in Laguna Beach, said his interior design firm will begin accepting cryptocurrency as a form of payment in 2022. (Courtesy of Hootan & Associates)
Design firm to accept cryptocurrency
Hootan & Associates Design Studio, an interior design firm in Laguna Beach, is accepting cryptocurrency as a form of payment for the coming year. The firm said it will take bitcoin, Ethereum, Litecoin and bitcoin cash through its website.
“We need to focus on future of architecture and design, because the style of all design will change and adopt by technology,” said Hootan Hamedani, the firm’s CEO and founder.
Jill Cole, an education and community relation specialist for the Orange County Fire Authority, accepts toys colleged by Villa Real Estate from Jon Flagg, a partner at the brokerage. (Courtesy of Villa Real Estate)
Employees at Villa Real Estate in Newport Beach worked with the Orange County Fire Authority to host a Spark of Love Holiday Toy Drive for families in need this holiday season.
Collected on Dec. 20, the team was able to fill a van full of toys and gifts for children from infants through age 18. The gifts will be distributed to nonprofits throughout Orange County.
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 email@example.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.