Sales at Las Palmas Business Park, a 48-unit industrial-condominium project in Santa Ana, have been strong since the property saw a change in ownership earlier this year, according to brokers representing the property.
Gardena-based Overton Moore Properties, a developer and owner of industrial properties, took over 28 unsold units at Las Palmas, a 230,289-square-foot property less than a mile from the from the Costa Mesa (55) Freeway, in May. The 11-building property—once known as the Electric Farms for its proximity to a power station—had seen slow sales after being converted into for-sale condo units by a prior owner, who bought the project in 2007 for a reported $30.5 million.
Overton Moore took over the unsold buildings at the property earlier this year after buying a $20 million note tied to the property at a discount.
There have been seven sales totaling $7.7 million in the six months since Overton Moore Properties took over Las Palmas, said Bucky Gillett, whose Gillett Commercial Real Estate Services handles sales and property management duties at the property.
“We are now over 50% sold out,” Gillett said.
Overton Moore expects a similar pace of sales during the next six months or so.
The property—marketed as Condos at Las Palmas—is at McFadden Avenue and Lyon Street. Units range in size from 2,500 square feet to 15,640 square feet.
Compound Sale
An amenity-rich industrial and entertainment complex close to John Wayne Airport in Newport Beach that has ties to area developer Koll Co. is up for sale.
The gated compound on Cypress Street, a largely residential thoroughfare near the intersection of Bristol and Birch streets, recently was listed at just less than $5 million. The property has 13,000 square feet of industrial space but stands out more for its numerous amenities.
Those features include a pool and a 15-person spa, tennis court, basketball court, private gym, racquetball court, game room, locker rooms, barbeque area, office space and a one-bedroom apartment.
The property is described in brokerage materials as the “former Koll entertainment compound.”
Irvine-based Koll once had its headquarters about a mile away from the property and gained a reputation in real estate circles for its work-hard, play-hard business style. Company founder Don Koll passed away last year.
Koll Co. isn’t thought to be the current owner of the recently listed property, located at 20051 S.W. Cypress St. The property is being marketed by Phil Cohen, senior vice president with the Irvine office of Lee & Associates Commercial Real Estate Services Inc.
Paulson Add
Newport Beach-based William Lyon Homes has added an executive from New York-based hedge fund Paulson & Co. Inc. to its board of directors.
The homebuilder recently appointed Michael Barr to fill a newly created board seat. Barr is the portfolio manager for the Paulson Real Estate Funds, an affiliate of Paulson & Co., where he is responsible for all aspects of the company’s real estate private equity business.
He joined Paulson & Co. as a partner in 2008. Before that Barr was a real-estate, private equity specialist at Lehman Brothers Holdings.
William Lyon Homes said last month it received a $30 million investment from Paulson & Co., whose president, John Paulson, made a fortune during the last downturn by betting against the subprime mortgage market. A condition of the $30 million investment, made through a sale of the builder’s common stock and convertible preferred stock, was for William Lyon Homes to increase its board of directors from seven to eight, with Paulson & Co. having a say in the new member.
Storage Deal
Ladera Ranch-based Strategic Storage Trust Inc., an investor in self-storage properties, closed on a $38.7 million purchase of six properties in South Carolina totaling 3,740 storage units.
The South Carolina properties, totaling 459,000 square feet, were part of a larger, $75 million acquisition of properties in the southern U.S. that Strategic Storage first announced in June.
The 16-property sale is now complete, following the closing of other portions of the 8,560-unit portfolio in August and October.
“We now own and operate 108 properties in 17 states and Canada and will continue to expand in 2013,” Chairman and Chief Executive H. Michael Schwartz said.
