The 60-unit building in Costa Mesa has been sold for $ 22.8 million, or $ 380,000 per unit, to Guichet Properties LLC, which plans to add 15 units to the 59-year-old complex.
Southcoast Investment Properties has negotiated the deal on behalf of Guichet Properties. The seller, Interstate Equities Group of Los Altos, was represented by Gary Tolf of the Triqor Group in Newport Beach.
Known as Apex Apartments Homes and built in 1962, the 44,060 square foot three-story building at 530 W Wilson St. includes mainly two bedroom apartments. Amenities include a swimming pool, gated entrance and gym. The monthly rent for the building ranges from $ 1,850 to $ 2,195. according to Apartments.com…
Guichet Properties said it plans to spend $ 2 million on renovations, including adding new units, completing previously started interior renovations, adding double-glazed windows and redeveloping parking.
“We understand the challenges California is facing due to housing shortages,” said Brandon Guichet, a spokesman for Guichet Properties. “We are proud to partner with the city of Costa Mesa and add 15 more units to the growing area.”
Smart & Final Property for sale in MV
Two retail properties at Alicia Trabuco Plaza in Mission Viejo were sold for $ 11 million, according to SRS Real Estate Partners.
Tenants at 26911–26921 Trabuco Road include Smart & Final (89% of the building) and Saddleback Carpet & Flooring (11%). Other tenants of the center in general are CVS Pharmacy and Bank of America.
Matthew Mousavi and Patrick Luther of National Net Lease Group SRS Real Estate Partners represented the seller, Starpoint Properties, and an unnamed Hawaiian buyer.
“This was an important deal in southern Orange County as retail assets like this rarely come to market here,” Mousavi said. “The strength of tenants with several years of leases left and the densely populated area of Mission Viejo has generated significant interest and investor proposals across the country.”
Built in 1974, the hotel occupies just under 2 acres at the intersection of Trabuco Road and Alicia Parkway.
Orgain Irvine offices take on new life
H. Hendy Associates of Newport Beach has completed work on new office space in Irvine for Orgain, an organic nutritional supplement company.
The 25,000 square foot office includes a flexible workspace and is designed with timber elements and access to natural light.
Orgain also wanted to bring health and wellness to work, so they added a 30-foot climbing wall and fitness center to their 100-employee team. There is also a kitchen and folding garage doors that open up to the outdoors, revealing a zen garden, summer kitchen, barbecue, water features and a golf lawn.
A working test kitchen is used to develop new flavors for Orgain products.
“Every inch of our new space – from the entryway to meeting rooms and lounges, to our kitchen and outdoor spaces – points to the origins of the Orgain brand and reflects our core values in promoting healthy, healthy and vibrant lives,” said the CEO Orgain Andrew Abraham. in the statement.
New funds for Tustin Center
JLL arranged a $ 17.55 million refinancing loan for Tustin Heights Shopping Center located at Trader Joe’s in Tustin.
The mall is located on 13 acres at 1076-1222 Irvine Blvd. and includes tenants Smart & Final, Michael’s, Petco, Sola Salon Studios, Café Rio, Rock & Brews and 85 C Bakery Café.
The borrower was Kimco Realty Corp.
The pendulum swings to the north
Pendulum Property Partners in Irvine is celebrating its 5th anniversary with an expansion.
The real estate investment firm opens branches in Los Angeles and San Francisco this month, as well as expands its offices in Orange County and San Diego.
The firm has also established a relationship with Banner Oak Capital Partners, a Texas teacher retirement advisor.
“Our joint venture with Banner Oak Capital Partners gives Pendulum the opportunity to continue developing the joint venture relationship in new investments, as well as the ability to invest without external capital when needed,” said Kevin Hayes, CEO of Pendulum, in a statement. “Our mission-based investment in office, retail and feature-rich products benefits from this flexibility as we strive to balance risk and return across the entire portfolio, which will include development from zero to core assets.”
Last September, Pendulum hired Daniel Wagman to manage the Los Angeles market. Previously, he served as Vice President of Investments at Brookfield Property Group in the United States.
Assign the best job
The 14th Annual Top Workplaces program accepts applications from companies and organizations throughout Orange County.
Who can be nominated? Any organization with 35 or more employees in Orange County is eligible to participate (public, private, nonprofit, government).
Jobs will be assessed by their employees using a short survey of 24 questions, and then companies will be interviewed from June to August.
Energage, a research partner for the project, conducts Top Workplaces for media in 58 markets and has surveyed more than 2 million employees in more than 7,000 organizations over the past year.
Deadline for applications: July 16.
Nominate online for ocregister.com/nominate or call 714-442-2768.
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 firstname.lastname@example.org… Please allow at least a week to post. All elements are subject to editing for clarity and scope.