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Real estate briefly: CBRE brokers $27.5M sale of Spectrum Tower in Laguna Hills

July 16, 2017

Transactions

CBRE Group has brokered the sale of Spectrum Tower, an office property located in Laguna Hills to Monday Properties for $27.5 million. CBRE’s Anthony DeLorenzo, Bob Smith, Todd Tydlaska, and Sean Sullivan represented the seller, TA Realty. Brad Zampa and Shaun Moothart of CBRE Capital Markets Debt & Structured Finance secured the financing for the New York-based buyer. The 113,489-square-foot property at 23046 Avenida De La Carlote includes tenants such as Citizen Business Bank, Virginia Landry law offices, Regus, William Jordan Investments and STRADA Capital Corp.

CBRE also brokered the sale of Seagate Plaza, a shopping center strip mall in Huntington Beach, to a 1031-exchange buyer for $10.8 million. CBRE’s Dan Riley and Austin Wolitarsky represented the seller, Asbury Properties, a family-owned real estate company based in Los Angeles. Joseph Lising of Marcus & Millichap represented the buyer, Cathy Investments with assistance from Christopher Beck of NGKF. The 30,234-square-foot property at 16031–16107 Bolsa Chica St. is 100 percent leased to an array of tenants such as Carl’s Jr, Subway and Seagate Veterinary Hospital.

Rexford Industrial Realty sold 2811 South Harbor Blvd. in Santa Ana for roughly $18.7 million. The single-tenant, 126,796-square-foot industrial building on 5.62 acres is in the Orange County-Airport submarket. The property was purchased in 2016 as part of a portfolio and was sold to the in-place tenant who exercised its purchase option. Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The company owns 141 properties with some 16.5 million rentable square feet and manages an additional 19 properties with about 1.2 million rentable square feet.

MCA Realty, a real estate investment and management company, has sold the final building in the four-unit Brookhollow Freeway Showroom Center, an 87,609 square-foot multi-tenant retail/showroom project in Santa Ana. The building at 154 E. Warner was sold to WTW Properties for $3.3 million. The previous three buildings sold for a combined $16.8 million. The sale of the fourth building, a 13,072 square-foot retail showroom occupied by Wine Exchange, brings the investment completely full cycle, according to MCA Realty Principal Tyler Mattox. MCA Realty bought the property in 2013 for $9.5 million and implemented a capital improvement plan. Joe Winkelmann, Nick Velasquez, and Michael Hartel of Colliers International represented MCA Realty as the seller in the transaction. Ryan Swanson and Chris Conway of Lee & Associates WTW Properties.

New ventures

Lawrence R. Armstrong, CEO and artist at the Irvine-based design firm Ware Malcomb, has designed a Post 9-11 War Memorial to honor the military service men and women who have died in the war on terror. The Post 9-11 War Memorial is being developed with the nonprofit group Welcome Home Troops, which was founded in 2007. The memorial has been designed as a mobile installation that will travel from city to city across the U.S. It is expected to make three to four stops each year in coordination with national veteran’s organizations and their local branches. A national fundraising campaign has begun for the construction of the Post 9-11 War Memorial (#post911memorial). For more information, visit www.P9-11wm.org.

People in real estate

Karina Coronado at Irvine-based Fuscoe Engineering is now a registered professional engineer. Only licensed PEs can oversee, sign, seal and take charge for engineering plans and drawings. Coronado’s professional background includes both single- and multi-family residential work, as well as mixed-use podium projects. Coronado resides in the city of Orange.

JLL today has hired Wade Tift, Nick Carey and Byron Foss as executive vice presidents. The trio will specialize in working with landlords and tenants on their industrial real estate needs in Orange County. Collectively, the team has completed more than 8 million square feet of transactions valued at $600 million since 2009. According to JLL’s Industrial Outlook 2017, the Orange County industrial market saw average asking rents set new historic highs and vacancy reach record breaking lows in the first quarter of 2017. Tift joins JLL with 17 years of experience in industrial real estate. Carey joins JLL with 13 years of experience in industrial real estate. Foss joins JLL with 11 years of experience in industrial real estate.

Milestones

JZMK Partners in Costa Mesa took home the Grand Award for Best International Site Plan at this year’s Gold Nugget Awards, honors that recognize firms with exceptional design, planning and development. The Gold Nuggets are an annual event presented by PCBC and Builder magazine. JZMK Partners’ winning site plan was for Al Houara Coastal Resort in Morocco. Al Houara is a new town/resort community 30 miles from Tangier Morocco.  JZMK designed a series of villas, townhomes, and apartments for the community.

Also from the Golden Nuggets awards, SVA Architects in Santa Ana received the Judges Special Award of Excellence, two 2017 Gold Nugget Grand Awards, and seven 2017 Gold Nugget Awards of Merit at the annual ceremony.

Coming up

Commercial Real Estate Women, Orange County (CREW-OC) will host a luncheon Tuesday, July 18: “Marketing that Moves the Needle: Learn How to Drive Bottom Line Results through Smart Marketing.” The lunch will be from 11:30 a.m. to 1:30 p.m. at the Pacific Club in Newport Beach. Panelists include:
Stacy Stemen, vice president of Corporate Marketing at Passco Companies; Barbara Rea, director of Investor Relations & Operations at bkm Capital Partners; and Karen Pino, director of CRE Marketing at Ten-X. Jenn Quader, managing director of PR/Marketing agency Brower, Miller & Cole, will moderate the panel. Cost is $65 for members and $85 for nonmembers. For more details, go to: crew-oc.org.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution photos are recommended. Allow at least one week for publication. Items are subject to editing for length and clarity.

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