Old Placentia apartments sell for $ 44 million – Orange County Register

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According to brokerage company Morgan Skenderian Investment Real Estate Group, the 21-year-old residential complex sold for $ 44 million, or $ 250,000 for an apartment.

The buyer was Positive Investments Inc., which also acquired a 101-apartment complex in Hawaiian Gardens for $ 22 million.

Bradford Terrace Senior Apartments, a 176 unit complex at 1112 N. Bradford Ave., consists of one and two bedroom apartments. A search on the Internet showed that the complex is fully occupied, there are no vacant apartments. Amenities include a gym, library, club and beauty salon.

The seller was Bradford Terrace Placentia Apartments LP.

Rick Applebaum, Paul Espinoza, and Doug Rodermund of the firm’s Newport Beach office represented the buyer and seller in both transactions.

The final phase of the Spectrum Terrace in Irvine is nearing completion, according to owner Irvine Co. This third phase of the complex will add three four-story buildings totaling 345,000 square feet. Construction should be completed by August 2022, the company said. Spectrum Terrace features a swimming pool and cabanas, as well as outdoor meeting rooms. (Courtesy of Irvine Co.)

The final stage of the construction of the office camp begins

The final phase of the Spectrum Terrace in Irvine has begun, according to owner Irvine Co.

This third phase of the complex will add three four-story buildings with a total area of ​​345,000 square feet to the office center. Construction should be completed by August 2022, the company said.

Unique to most office space, Spectrum Terrace will also have cabanas next to the Olympic-length pool. There will also be outdoor meeting areas. The campus will include upscale changing rooms and takeaway ready meals.

The first two phases of the complex are 80% leased to Alteryx, CoStar Group, iHerb, Kajabi and RSM. The office campus is located at the intersection of highways 405, 5 and 133.

The final phase of the Spectrum Terrace in Irvine is nearing completion, according to owner Irvine Co. This third phase of the complex will add three four-story buildings totaling 345,000 square feet. Unique to most office space, Spectrum Terrace will also have cabanas next to the Olympic-length pool. (Courtesy of Irvine Co.)

RD Olson Wins Desert Resort Contract

RD Olson Construction Irvine has been awarded a contract to build a luxury resort in La Quinta.

Robert Green’s company has a building permit to begin work on the SilverRock Resort and private home.

“We are thrilled to be participating in the multi-phase construction of the highly anticipated SilverRock Resort, which has been under construction for many years,” said Bill Wilhelm, President of RD Olson Construction.

SilverRock Resort will have 29 single-family homes and 55 condominiums, as well as two brands of hotels.

Construction on the first hotel is due to begin this month, which includes 134 casino-style rooms and suites, as well as a full-service spa and conference center.

RD Olson Construction Irvine has been awarded a contract to build a luxury resort in La Quinta. Robert Green’s company has a building permit to begin work on the SilverRock Resort and private home. (Courtesy of The Robert Green Co.)

Irvine building sold for $ 5.4 million

According to Lee & Associates in Orange, the 16,750-square-foot industrial building at 1711 Langley Ave. in Irvine was sold for $ 5.4 million.

Christopher J. Destino and Peter Sowa, both office directors of Lee & Associates Orange, represented the acquirer, BB Simon LLC. The seller has not been identified by the firm.

According to Lee & Associates in Orange, the 16,750-square-foot industrial building at 1711 Langley Ave. in Irvine was sold for $ 5.4 million. (Lee & Associates Orange)

Shopoff sells plots in Arizona

Irvine-based Shopoff Realty Investments sold the third and final phase of Desert Moon Estates in Buckeye, Arizona, including 229 single-family plots.

Shopoff has not provided any conditions.

All three phases, which together comprise 739 plots on 200 acres, have been sold to Forestar Real Estate Group Inc., which plans to convert the plot into single-family homes.

The second phase, 256 lots, was sold in October 2020, according to Shopoff. The first stage of 254 lots was sold in October 2019.

Land deal in La Mirada

According to other Shopoff news, the firm has acquired a 7.25 acre lease of land in La Mirada.

Terms of the deal were not disclosed.

“This property provides an exceptional opportunity for a variety of commercial uses that benefit from its I-5 facade,” said William Shopoff, CEO of Shopoff Realty Investments. “The Shopoff team will work to create leases underground for purposes such as restaurants, shops, gas stations, billboards and more.”

The land adjacent to Highway 5 is on Firestone Boulevard, with access to the new Valley View Avenue bridge that will connect motorists to the freeway when completed in 2022.

Grants

Westcliff Properties, a real estate management company in Santa Ana, received a $ 10,000 grant from Founders First CDC.

Founders First has announced the winners of the Job Creators Quest Grant to support underrepresented entrepreneurs in the Southern California region. Each of the ten local businesses received a portion of a $ 30,000 grant and a full scholarship to participate in one of Founders First CDC’s acceleration programs.

Funding for this program was facilitated by a $ 1 million grant from the Rockefeller Foundation, coupled with the recent $ 9 million Series A funding from Founders First Capital Partners.

Other winners in Orange County were Topflight and owner Joe Tuan of Irvine. The company received a $ 1,000 grant:

The Westin Anaheim Resort has received an AAA Four Diamond Award from the American Automobile Association. (Courtesy of Westin Anaheim Resort)

Milestones

The Westin Anaheim Resort has received an AAA Four Diamond Award from the American Automobile Association.

This award recognizes the resort’s hospitality, customer service, cleanliness and other AAA-rated qualities.

In addition to being awarded the Diamond title, the hotel has also passed the new AAA Inspected Clean certification, which includes testing to determine cleanliness in areas and surfaces subject to frequent touch.

Real estate deals, leases and new projects, industry hires, new ventures and upcoming events compiled from press releases from writer Karen Levin. Email High Resolution Objects and Photos to Business Editor Samantha Gowen at sgowen@scng.com… Please allow at least a week to post. All elements are subject to editing for clarity and scope.

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