The original builders and owners of the 58-year-old Skandia Mobile Country Club in Huntington Beach sold the 167 apartment complex for $ 58 million, or $ 347,305 per lot.
The new owner is Investment Property Group, headquartered in Utah and offices in Irvine. The company specializes in the construction of residential homes and camper parks with 100 properties in the western United States.
“The buyer plans to redesign all the roads inside the park first, as well as some other cosmetic work,” said Jeff Benson of Marcus & Millichap, the brokerage that represented the Coulter Family Trust.
The Age Park was built in 1963 on 17 acres and is within walking distance of Bella Terra Shopping Center. Amenities include a swimming pool, spa, games room and a clubhouse with a kitchen. Residents must be over 55 years old.
“This property offered buyers a rare opportunity to acquire a trophy asset in one of Southern California’s most popular locations,” Benson said.
6 apartments, $ 21 million
This summer, Marcus & Millichap’s Newport Beach office sold half a dozen residential developments totaling $ 20.9 million.
In Fullerton, a newly built seven-unit townhouse-style apartment building on 3801 Franklin Avenue sold for $ 4.45 million, or $ 635,715 per apartment. The property, which was completed at the end of 2020, consists of six five-bedroom apartments and one four-bedroom apartment designated as affordable housing.
According to the broker, at the time of the sale, all the apartments were occupied.
Matthew Wenzel, Senior Vice President, Brokerage, represented the seller, The Urban Pacific Group of Cos. The buyer was the Revocable Living Trust of Robert Chiu and Grace Chiu.
Several other apartment deals were handled by Greg Bassirpou, senior vice president of the Bassirpou Group:
–Green Avenue Apartments, a 5,792-square-foot condominium with six apartments at 4164-4174 Green Ave. in Los Alamitos, sold for $ 2,525,000 or $ 420,833 per apartment.
– Maple Street Apartments, a 5,164 square foot tenement with five apartments at 11102 Maple Street in Los Alamitos, sold for $ 2,450,000 or $ 490,000 per apartment.
–Pacific Avenue Apartments, an 8,396 square foot condominium with 16 units at 1214 S Pacific Ave. in Santa Ana, sold for $ 3,625,000 or $ 226,562 per apartment.
– Seventh Street Apartments, a 4,213 square foot tenement with six apartments at 405 7th Street in Huntington Beach, sold for $ 2,670,000 or $ 445,000 per apartment.
–South Standard Avenue Apartments, a 14,784 square foot residential development with 24 apartments at 939-1001 South Standard Ave. in Santa Ana, sold for $ 5,250,000 or $ 218,750 per apartment.
In a separate deal, Bassirpu represented the buyer of an 8,123-square-foot beachfront land plot on 814 Pacific Coast Highway in Huntington Beach for $ 3,200,000.
Taco Bell campus sold for $ 159 million
Old home Taco Bell and Ford Motor Co. in Irvine were sold to Taiwan’s Skyline Group International for $ 159 million.
Skyline Group International was represented by Alex Foshai at Newmark Knight Frank. Another Newmark team, including Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White, represented the seller, LBA Realty.
More fast food news: Why Del Taco had to redesign the kitchen for new menu items
The LBA bought the 273,180-square-foot property for $ 104 million in 2018. according to Orange County Business Journal…
The campus consists of three main structures: a five-story office building at 1 Glen Bell Way (named after the founder of Taco Bell), one-two-story office building at 3 Glen Bell Way, which is leased to Ford; and 5 Glen Bell Way, a four-level parking lot with 911 spaces.
The Ford and Taco Bell car parks were the venue for the popular Cars & Coffee meeting that began in 2006. and ceased in 2014 after the popular Saturday car event became too large for the complex… A similar gathering is taking place now. in San Clemente…
Nearly 100,000 square feet of land on campus could be used for future office expansion / construction at 3 Glen Bell Way, Newmark said.
“This year, private equity, both domestic and foreign, has dominated buyers of office deals in Orange County,” said Shannon, Newmark’s co-director of US capital markets.
New Glidewell rentals in Irvine
Glidewell Dental Ceramics has signed a new 10-year lease for $ 6 million in a 40,645-square-foot industrial building in Irvine, according to owner BLT Enterprises. The apartment is located at 17466 Daimler St.
Grant Labounty and Justin Smith of Lee & Associates represented BLT. Allison Kelly of CBRE represented Glidewell.
Glidewell manufactures products, services and technologies for the dental laboratory.
Record Sale for NB Team in Barstow
The retail property that houses Raising Cane’s in Barstow was sold to a Los Angeles investor for $ 5.49 million, according to National Net Lease Group SRS Real Estate Partners in Newport Beach.
Sale of a 3,288 square foot land plot at 2620 Fisher Blvd. according to CoStar, a commercial real estate firm, this is the highest price paid for a one-tenant fast food restaurant in the city.
The SRS team of Matthew Mousavi and Patrick Luther represented the vendor, Starboard Realty Advisors. The buyer, an unidentified investor from Los Angeles, was listed on Exchange 1031 and was represented by Pablo Rodriguez of Newmark.
Multi-family investment company is set up in NB
The former Irvine Company executive is expanding independently into the multi-family business.
Chris Marsh, formerly president of the apartment development division of the Irvine Company, founded Cherry Tree Capital Partners, a multi-family investment firm in Newport Beach.
Marsh said the company will focus on acquiring apartment buildings in the Midwest and Sun Belt markets with the immediate goal of increasing to 1,000 units per market over the next 18 months.
“There is tremendous scope today for strategic redevelopment and relocation of existing housing developments in the Sun Belt markets,” Marsh said in a statement.
Cherry Tree also named four main principles:
– Austin Malecki, who helped build and lead the corporate development and capital markets team for Cloud Kitchens.
– John Bosco, who built and led the Asset Management and Analytics division for the owner, developer and operator of an apartment in Newport Beach after a 4-year tenure at Irvine.
– Michael Wu, who worked on the investment team with Bosco and previously supported strategic planning and analytics at Irvine Co.
– Aurmon Banitaba, representing clients in the acquisition and sale of commercial real estate for Marcus & Millichap.
For more information on Cherry Tree Capital Partners follow the link cherrytreecp.com…
Milestone for Passco
Passco Cos. From Irvine, she acquired several multi-family assets in five states for a total of $ 445.7 million and 1,781 apartments.
The firm says it plans to set a Passco record of $ 1 billion in acquisitions this year.
These recent acquisitions have also helped the company expand. Passco hired 10 new employees and promoted 11 employees.
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.