Real Estate Deals
San Mateo-based Acacia Capital Corp. paid $48.7 million to Pacific Property Co. for the 406-unit Villas at Tustin at 2414 N. Tustin Ave. in Santa Ana. The complex is 95% full. David Casper and Bruce Furniss of Hendricks & Partners represented both parties.
Santa Ana-based Red Mountain Retail Group paid $28 million to Albertson’s Inc. for 11 shopping centers in seven states, including a 73,000-square-foot center at 2840 S. Bristol St. in Santa Ana. The centers total more than 700,000 square feet of space elsewhere in California, Illinois, Kansas, Montana, North Carolina, Wisconsin, Utah and other states. Faris Lee Investments represented the seller.
Investor Robert Ko paid $7.9 million to Interstate Properties Associates for the four-building, 48,797-square-foot Packers Square retail and medical center at 13112 to 13152 Newport Ave. in Tustin. Robert Baird of The Winner-Baird Co. represented the buyer. Matthew Sullivan of Colliers Seeley International Inc. represented the seller.
LEASES
San Diego-based Driver Alliant Insurance Services Inc. leased 25,050 square feet at 1301 Dove St. in Newport Beach for five years. Financial terms weren’t disclosed. Driver Alliant is moving its Orange County office from 4041 MacArthur Blvd. in Newport Beach. Robert Thagard of Orion Property Partners Inc. represented landlord T.A. Associates Realty. Rick Sherburne, Alex Hayden and Travis Boyd of CB Richard Ellis represented Driver Alliant.
Mission Controls Automation Inc., which designs and installs plant automation controls, leased a 17,895-square-foot flex-tech building at 3160 Pullman St. in Costa Mesa for five years. Financial terms weren’t disclosed. The company plans to move from 17922 Sky Park Circle in Irvine in the second quarter. Denny Pender of Nathan Howard Group Inc. represented Mission Controls in the five-year deal. Jack McNutt of Grubb & Ellis Co. represented landlord Knapp Street Properties.
