Brea-based KPRS Construction Services Inc., one of Orange County’s largest construction companies and tenant-improvement contractors, has bought a Chino-based competitor in a deal expected to give the company a broader national reach.
The company announced late last month it had bought the assets and operations of The Bergman Cos., a construction services group that’s been in business for more than 30 years. Terms weren’t disclosed.
Bergman Cos. counts offices in Florida, Colorado and Georgia, along with its California operations, and serves clients in several sectors, including education, automotive and retail.
The company reported close to $80 million in revenue as recently as 2010, according to trade publications.
The newly acquired company will be called BergmanKPRS LLC, and will be based in Ontario. The office will be managed by Mark Bergman, chief executive of Bergman Cos.
KPRS Construction Services said its local operations will remain unchanged, with offices in Brea and Los Angeles.
KPRS—which reported sales of about $165 million last year—will continue to serve its clients in the Southwestern U.S. and Hawaii, while BergmanKPRS will have more of a national reach, according to the companies.
Turner Deals
Newport Beach-based Turner Real Estate Investments has bought a business park in Nevada in an online auction, and it also has closed on a pair of land transactions in the Inland Empire.
The real estate investment firm, which previously operated under the Turner Development Corp. name, said it bought a roughly 107,000-square-foot flex and industrial park in Reno, near the city’s airport, which was renamed Turner Air Crossing.
The company paid a little less than $3.6 million, or about $33 per square foot, for the property, which was purchased via Irvine-based commercial auctioneer Auction.com.
Turner officials said the property was purchased at nearly 70% below replacement cost, and that they plan to upgrade the site.
The property was bought through an opportunity fund formed in 2009 to buy distressed assets in California, Arizona and Nevada.
Closer to home, Turner Real Estate said it recently closed on a purchase and sale of developable land in the Inland Empire.
The company bought 7.4 acres of vacant industrial land in Riverside County, where it intends to build a business park.
It sold 5.1 acres of vacant land that it had owned for less than a year in San Bernardino County’s Redlands.
“In Redlands, we engineered a quick trade, demonstrating our ability to be nimble and to generate above-market returns for our real estate investment funds,” said Rusty Turner, chief executive of Turner Real Estate Investments.
Denver Again
Newport Beach-based Buchanan Street Partners is the latest local company making a big real estate push in and around Denver.
The real estate investment and management company partnered with Los Angeles-based Lowe Enterprises Inc. to buy Parkridge 4, a six-story, 192,800-square-foot, class A office building in Lone Tree, Colo., about 18 miles south of of Denver.
Local reports put the sale price at about $34 million, or about $176 per square foot. Denver-based Miller Global Properties LLC sold the office, which is about 93% leased.
The property “is the highest-quality office building in the emerging submarket of Lone Tree and is especially attractive given the outstanding credit of its tenancy and the project’s limited near-term lease expirations,” said Tim Ballard, Buchanan Street’s president.
Buchanan Street’s buy follows, by about a month, the $54 million purchase of a 10-story Englewood, Colo., office by an affiliate of Newport Beach-based KBS Realty Advisors.
KBS paid about $204 per square foot for the Peakview Tower, which also is located south of downtown Denver.
In apartment transactions, Newport Beach-based MIG Real Estate LLC paid a reported $31.3 million for the Canyon Point Cottages, a 196-unit complex in Golden, Colo. That deal, which traded hands for a little under $160,000 per apartment, was announced early last month.
Area homebuilders are looking to the Denver area, too. Irvine-based Tri Pointe Homes said last month it was opening a new office in the area, its first location outside California.
Apartment Offering
Madison Park, a 768-unit apartment complex in Anaheim located about 3 miles from Disneyland, is on the market.
Palo Alto-based Pacific Urban Residential, which put about $14 million into the property a few years ago, is selling the 12-building complex, which is located at 2235 W. Broadway. The complex is expected to sell for about $140 million.
Brokers with the multifamily investment division of Marcus & Millichap Real Estate Investment Services Inc. have the listing for the property.
