Irvine-based Standard Pacific Corp. is moving ahead on a housing development at the former site of a Cactus League baseball stadium in Chandler, Ariz.
The largest OC-based homebuilder started demolition work about a month ago at Compadre Stadium, the former spring training site for he Milwaukee Brewers.
It’s reported to have paid a local land owner about $29 million for the 65-acre site in the Phoenix suburbs, which the company said will hold 181 single-family homes and 137 townhomes. Ground-up construction is scheduled to start in the spring. Homes will be between 1,600 to 4,000 square feet.
The Brewers, which stopped using the Chandler site for spring training in the late 1990s, now uses another stadium in Phoenix. The old stadium hasn’t been used since the Brewers departed, although some land around it was used for farming, according to local reports.
Standard Pacific delivered 258 homes in Arizona last year; the state accounted for about 6% of the builder’s sales last year.
Its homes sold in Arizona had an average price of $280,000 compared to $568,000 in California, the company’s largest market.
More in Chandler
Newport Beach investor MIG Real Estate also has its eyes on Chandler, Ariz.
The company recently closed on the purchase of Symphony, a 234-unit apartment complex in the city. Local reports put the purchase price at $35.5 million, or nearly $152,000 per unit.
A unit of Connecticut-based Hartford Investment Management Co. reportedly sold the complex, which it acquired in 2010 for $26.3 million.
Koll Purchase
The Koll Co. is the latest local investor involved in the ownership of a Walnut Creek office complex.
The Irvine-based real estate investor and developer was a joint venture partner with Miami-based Rialto Capital Management in the purchase of the Walnut Creek Executive Park, a 12-building business park in San Francisco’s East Bay.
The 423,458-square-foot complex sold for about $114 per square foot in a deal brokered by JLL. The offices are in Shadelands business park, a 2-million-square-foot collection of offices that caters to back-office tenants and typically has lower rents than other office markets in the city.
Walnut Creek Executive Park was about 75% occupied at the time of the sale. An affiliate of New York-based Guggenheim Real Estate was the seller.
‘Rich’ Uncle Ray
Ray Wirta, president of the investment properties group for Newport Beach-based Irvine Company, has a new nickname: Uncle Ray. He’s one of three founding “uncles” in Rich-Uncles.com, a commercial real estate crowdfunding platform aimed at individual investors.
The unit of Newport Beach-based Nexregen LLC said it’s the largest online crowdfunding platform exclusively marketing real estate investment interests to smaller, nonaccredited investors.
Initial Rich-Uncles investments include a bank building in Antioch purchased for about $3.8 million. It’s also marketing a portfolio of Del Taco restaurants as a potential investment.
The deals the venture is involved in are a far cry from those in the portfolio of Irvine Co., which owns about 96 million square feet of higher-end properties across California.
Irvine Co. isn’t involved in Rich-Uncles, nor is L.A.-based CBRE Group Inc., where Wirta was named chairman this year.
