The La Palma Avenue Apartments, a small apartment building with 10 one-bedroom, one-bathroom units in Anaheim, sold for $2.597 million, or $259,700 per unit.
Like Greg Passerbo, of the Marcus and Millisap office in Orange County, the unidentified buyer.
“The property is located in a desirable area and has undergone several exterior and interior renovations recently,” he said in a statement. “This has given the buyer the opportunity to acquire a well-maintained building that will provide good rental growth, once rents have stabilized.”
The 4,908-square-foot complex is located at 1001 W La Palma Avenue.
OC investor, builder launches Arcadia housing development
Two Newport Beach companies are in the process of purchasing a 3-acre plot in Arcadia where 33 single-family homes will be built.
Investor IHP Capital Partners and homebuilder Intracorp Homes are developing Miren, which will feature two-story homes over 2,500 square feet. The grand opening and home sales should begin in mid-2023.
Miren’s style will include contemporary cottage and ranch, ranging from 1,820 square feet to 2,120 square feet. Each home will have three to four bedrooms, two and a half to four bathrooms and attached two-car garages.
The two companies said that house prices will be shared at a later date.
Medical offices in Irvine sell for $27.6 million
Woodbridge Square Medical, a two-story, multi-tenant medical office building in Irvine, has sold for $27.6 million, according to Newmark.
The seller was Boureston Development and the buyer was Anchor Health Properties.
With vacancies hovering around 5% in the medical office sector, “Demand for the medical office in Irvine is expected to outpace supply, which will continue to put pressure on rents,” said John Scruggs, managing director at Newmark.
According to Newmark, the 36,104-square-foot office building at 4,980 Barranca Parkway was leased almost entirely at the time of the sale to 18 medical, dental and laboratory tenants. The complex is located about two miles from Hoag Hospital Irvine and Kaiser Permanente Irvine Medical Center.
Bascom buys again in Houston
Irvine-based Bascom Group has acquired a 150-unit apartment complex in Houston.
Windmill Lakes in Windmill Lakes includes 150 units built in 1999. The company declined to share the financial terms of the deal.
Bascom said this is the fourth acquisition in Houston in nearly 12 months and that the 39 multi-family property is closed in Texas.
John Carr with Cushman & Wakefield represented the anonymous seller in the deal. James D’Argenio and Chang Liu supplied and managed the acquisition for Bascom.
Shopoff Repairs, Nevada Mall Sells for $18 Million
Irvine-based Shopoff Realty Investments has sold a shopping center in Sparks, Nevada, for $18 million.
“When Shopoff purchased Iron Horse Mall, the property was in very poor condition after being foreclosed on by a lender and under receiver management for several years,” said William Shopoff, president and CEO of the company. “… the property has achieved a major transformation, with the addition of many new tenants, reworking of leases with existing tenants, overall improvements, and adding a new retail platform. The asset is now a positive resource for the surrounding community, not a pest.”
Shopoff’s capital improvements to the center have included new paint and architectural features, improved signage, landscaping and repair and replacement of asphalt in parking lots. The company also added a 7,151-square-foot cushion to the property.
OTL has started work on the Dallas water feature
Anaheim-based Outside the Lines is creating an installation of a sculpted water feature near Dallas at Trinity Mills Station.
The mixed-use development is being created by KOA Partners and The Integral Group in partnership with the City of Carrollton and Dallas Area Rapid Transit.
“The development of the Trinity Mills station revolves around a central plaza, which has always been planned to include a water feature,” says J. Wickham Zimmerman, CEO of OTL. “With the design phase over, the city and developers felt that something was missing in the space; a typical water feature wasn’t a bold enough gesture.”
The Orange County firm, which specializes in water features, fountains, rockwork, and themed environments, said the art project will feature a series of “simaphores reinterpreted as sculptures and programmed to rotate in sequence, creating an ever-changing series of waves.”
Promotions at Ware Malcombe
Irvine-based design firm Ware Malcombe has upgraded three partners.
Ginger Tapia is now Vice President of Design. Maureen Bissonnette has been promoted to Director of Marketing, and Maria Rodgers is now Director of Public Relations and Communications.
Tapia began her career at Ware Malcomb in 1996, rejoining the company in 2002. Bissonnette joined Ware Malcomb 1998 as a Marketing Assistant. Rodgers, in her new role, will focus on expanding the company’s media and communications programs. She joined Ware Malcomb in 2014 as Marketing Coordinator.
Real estate transactions, leases, new projects, industrial hires, new projects, and upcoming events are compiled from press releases by contributing writer Karen Levine. Email items and high-resolution images to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for posting. All elements are editable for clarity and length.
