Compiled by Carol Park
Carmel Partners Investment Fund II LP bought the Villa Pacific Apartments in Westminster for $26.3 million and the Tustin Park Apartments in Tustin for $42.8 million from undisclosed sellers. Carmel plans to renovate the 136-unit Villa Pacific Apartments. The $2.5 million renovation is set to include a leasing office and fitness center, among other improvements. Carmel also plans to renovate the 264-unit Tustin Park Apartments. The $7.9 million renovation is set to include a leasing and amenities center, as well as other upgrades. Carmel bought the two complexes along with four others in Colorado and Washington. Carmel bought all six complexes for $191 million.
Irvine’s Bascom Group LLC paid $15.7 million to Donbev Prop II Ltd. for the 100-unit Harbor Terrace Apartment complex at 1314 N. Harbor Blvd. in Santa Ana. The apartments sold for $157,500 apiece. Bascom plans to renovate the apartments. It tapped MacBeth Apartment Systems to handle property management and Commercial Services Building Inc. to handle the planned renovations. Bascom’s Jeffery Fuller and Mar Desebans represented the company. John Walsh of Marcus & Millichap Real Estate Investment Services represented Donbev.
NNN Healthcare/Office REIT Inc., an affiliate of Santa Ana-based NNN Realty Advisors paid $13.8 million for St. Mary Physicians Center, a 67,000-square-foot medical office building at 1043 Elm Ave. in Long Beach. The center sold for nearly $206 per square foot. The four-story building is on the campus of St. Mary’s Medical Center, a 539-bed not-for-profit medical center. Michael Lawrence and David Black of Marcus & Millichap represented NNN Healthcare and the seller, St. Mary Physicians Center LLC.
Casa Nicolina LP paid $3.45 million to an undisclosed seller for the 22-unit Tiki Gardens Apartments at 1510 W. La Habra Blvd. in La Habra. The apartments sold for $156,818 each. Rents at the complex range from $800 to $1,375 a month. Shane Shafer and Mike Casagrande of Sperry Van Ness in Irvine represented both parties in the deal.
An unnamed buyer paid $2.6 million to Telogic Communications for a 6,317-square-foot office building at 26499 Rancho Parkway in Lake Forest. The one-story building sold for $408 per square foot, the highest price for an office building in Lake Forest. Patrick Walker and Tim Walker of Voit Commercial Brokerage LP represented both parties.
Eat Titleholder paid $2.3 million to Stadium Orangewood LLC for a 7,089-square-foot office building at 2019 W. Orangewood Ave. in Orange. The building sold for about $324 per square foot. It will be used for food distribution. The building is part of the Stadium Collection next to the Anaheim’s Platinum Triangle. Derek Tobiassen, an independent real estate agent formerly with Collins Commercial, represented Eat. Mike Boomer, Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage represented the seller.
Radius Power paid $2.2 million to the Han Family Trust for a 10,594-square-foot industrial building at 1751 N. Batavia St. in Orange. The building sold for $207 per square foot. Seth Davenport of Voit Commercial Brokerage represented the buyer. Randy Wind, formerly a broker with Voit Commercial, represented the Han Family Trust.
R. Quinten Sharp paid $2 million to Cult Industries USA for an 8,857-square-foot industrial building at 17751 Sampson Lane in Huntington Beach. The building sold for about $231 per square foot. The buyer plans to occupy the building as an expansion of its mortgage companies. Curt Stalder and John Martin of Lee & Associates Commercial Real Estate Services Inc. represented both parties.
Bethesda, Md.-based Clark Construction Group LLC leased 13,680 square feet of office space at Metro Center at 575 Anton Blvd. in Costa Mesa. The value of the 10-year lease was not disclosed. Clark plans to move into the space in October. Wendy Han and Royce Sharf of Studley represented Clark. Greg May and Oliver Fleener of Grubb & Ellis Co. represented landlord RREEF Funds LLC.
