CT Realty Sets Record With $55M Apartment Sale
Commercenter Anaheim Filling Up
Wermers Rehabs Apartments in Capistrano
REAL ESTATE
by Daniel D. Williams
COMMERCIAL
Count Newport Beach-based CT Realty Corp. among the record-setters.
The real estate developer sold Baywood Villa Apartments in Corona for $55 million to Rolling Hills Estates-based GTS Properties Hollywood Inc.
That’s a record sales price for an apartment community in the Inland Empire, according to brokers with El Segundo-based CB Richard Ellis Services Inc., who brokered the sale for CT Realty.
“The Inland Empire continues to experience demand for well-located properties with freeway access,” said Raymond A. Polverini, vice president of CT Realty.
The property is just off the Magnolia Avenue exit of Interstate 15.
CT Realty acquired the property in 1999 and spent $3 million on renovations and upgrades to the 628-unit apartment complex. Improvements included the construction of new garages and storage facilities, a fitness center and recreational complex. CT Realty also upgraded the apartment interiors and the landscaping.
Sean Deasy of CB Richard Ellis’ Ontario office and Matthew Lawton, formerly with the firm’s Chicago/Rosemont office, represented CT Realty in the deal. Frank Wang and James Yang of Arcadia-based Pacific International Properties Inc. represented the buyer.
Smaller Sales
One of the stronger segments of the commercial market is the sale and lease of small industrial buildings. The second phase of Commercenter Anaheim is 65% leased, with three of the project’s eight buildings still up for lease or sale.
The 62,000-square-foot complex on Orangefair Lane in Anaheim includes small industrial buildings ranging from 5,078 square feet to 12,572 square feet. Those buildings are part of Aspen Properties’ 228,000-square-foot master-planned, mixed-use project.
Mitch Zehner and Louis Tomaselli of Voit Commercial Brokerage LP’s Anaheim office are leasing the project.
According to Zehner, demand for industrial buildings of this size is far outstripping what developers can bring to market.
In 1992, Aspen Properties acquired the space and looked to Zehner and Tomaselli to market the property, according to an Aspen spokeswoman.
“When we bought the property, (Zehner and Tomaselli) suggested that we build this product on the 3.5 acres of undeveloped land that sat in the middle of the park,” said Doris Palardy, Aspen Properties’ property manager.
The remaining buildings are 7,157 and 8,102 and 12,012 square feet. Early tenants include a food distributor, a surveyor and a metal maker. All have begun moving in.
Orangefair Sold
Orangefair Marketplace LLC, an affiliate of Columbus, Ohio-based Columbus Pacific Properties, paid $31.5 million for Orangefair Marketplace in Fullerton. Orangefair acquired the 352,720-square-foot retail center from Beverly Hills-based Orangefair Co.
The property is at the southeast corner of Harbor Boulevard and Orangethorpe Avenue. Tenants include Burlington Coat Factory, Marshall’s, and Circuit City. The property is more than 90% leased.
Los Angeles-based Colliers-Seeley International Inc.’s David Norcott and Bryan Norcott, and Howard Mann of Los Angeles-based JLM Realty Inc. represented both parties in the deal.
RESIDENTIAL
With land difficult to come by and new construction slowing, developers are looking at rehabbing existing structures.
The Newport Beach office of San Diego-based Wermers Multi-Family Corp. completed renovations of a big apartment community in OC.
Wermers renovated 267-unit Mesa Vista North, an upscale condominium project surrounded by a golf course in the San Juan Capistrano Valley.
Project costs were unavailable but included structural repairs, a complete re-roofing and exterior painting, street and foundation repairs and extensive seismic structural repairs on the interiors of garages and units.
Subcontractors on the project included Costa Mesa-based Petronella Roofing and Huntington Beach-based Qwik Bilt Construction.
Wermers also is finishing the second phase of 367-unit City Lights apartment community in Aliso Viejo. This phase includes four-story buildings and a five-level parking structure. The project is expected to wrap up early next year.
