A 60-unit apartment building in Costa Mesa has been sold for $22.8 million, or $380,000 per unit, to Guichet Properties LLC, which is planning to add 15 units to the 59-year-old complex.
Southcoast Investment Properties negotiated the deal on behalf of Guichet Properties. The seller, Interstate Equities Group of Los Altos, was represented by Gary Tolfa with Triqor Group in Newport Beach.
Known as Apex Apartments Homes and built in 1962, the three-story, 44,060-square-foot building at 530 W Wilson St. includes mostly two-bedroom units. Amenities include a pool, gated entry and a gym. Monthly rent at 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 the new units, completing previously launched interior renovations, adding dual-pane windows and a parking lot redevelopment.
“We understand the challenges California is facing with its housing shortage,” said Brendon Guichet, spokesperson for Guichet Properties. “We are proud to partner with the city of Costa Mesa and add 15 more units to a growing area.”
Smart & Final property sells in MV
Two retail properties within Alicia Trabuco Plaza in Mission Viejo have been sold for $11 million, according to SRS Real Estate Partners.
The tenants at 26911 to 26921 Trabuco Road include Smart & Final (89% of the building) and Saddleback Carpet & Flooring (11%). Other tenants at the center overall include CVS Pharmacy and Bank of America.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the seller, Starpoint Properties, as well as the buyer, a Hawaii-based that who was not named.
“This was a significant south Orange County transaction as retail assets like this rarely come to market here,” said Mousavi. “The strength of the tenants – which both have a number of years remaining on their leases – and the densely populated, Mission Viejo location attracted a considerable amount of interest and offers from investors across the country.”
Built in 1974, the property sits on just under 2 acres at the intersection of Trabuco Road and Alicia Parkway.
Orgain’s Irvine offices sprout to new life
Newport Beach-based H. Hendy Associates has completed its work on a new office space in Irvine for Orgain, an organic nutritional supplements maker.
The 25,000-square-foot office incorporates a flexible workplace and is designed with wood elements and access to natural light.
Orgain also wanted to bring health and wellness to work so it had a 30-foot rock climbing wall and fitness center added for its team of some 100 employees. There’s also a kitchen and roll-up garage doors that open the space up to the outdoors to reveal a Zen garden, outdoor kitchen, barbeque, water feature and putting green.
A working test kitchen is used to develop new flavors for Orgain products.
“Every inch of our new space – from the entryway to conference and break rooms, to our kitchen and outdoor spaces – nods to Orgain’s brand origins and reflects our company’s core values to promote wholesome, healthy and vibrant lives,” Orgain CEO Andrew Abraham said in a statement.
New funds for Tustin center
JLL arranged a $17.55 million refinancing loan for Tustin Heights Shopping Center anchored by Trader Joe’s in Tustin.
The shopping center sits 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.
Pendulum swings north
Pendulum Property Partners in Irvine is celebrating its fifth anniversary with expansions.
The real estate investment firm this month is opening up branches in Los Angeles and San Francisco while adding to its offices in Orange County and San Diego.
The firm also has formed a relationship with Banner Oak Capital Partners, an adviser to Teachers Retirement System of Texas.
“Our venture with Banner Oak Capital Partners gives Pendulum the flexibility to continue to build on joint-venture relationships in new investments and the strength to invest without outside capital when appropriate,” Kevin Hayes, CEO of Pendulum, said in a statement. “Our mission, built on investing in office, retail and mixed-use products, benefits from this flexibility as we look to balance risk and return across a portfolio that will include ground-up development to core assets.”
Pendulum hired Daniel Wagman last September to run the Los Angeles market. Previously, he served as vice president of US Office Investments for Brookfield Property Group.