SALES
An undisclosed buyer paid $17.3 million to Granite Investment Group for the 88-apartment Cypress Village Apartments at 6343 Lincoln Ave. in Cypress. The apartments sold for $196,591 each. Stewart Weston of Marcus & Millichap Real Estate Investment Services represented the seller.
An undisclosed buyer paid $8.6 million to an undisclosed seller for the 18-apartment Eastbluff Townhomes at 837 to 871 Amigos Way in Newport Beach. The apartments sold for $477,778 apiece at a capitalization rate of 3.4%. Rents are $1,950 to $2,450. Steven Brombal of Hendricks & Partners represented the seller.
Frank and Beverly Jobe Revocable Trust and Grace Kadoya paid $8.5 million to My P & L; LLC for the Siena & Trento Townhomes at 919 S. Lyon St. in Santa Ana. The buyers divvied up the 50-unit apartment complex, with Kadoya buying 57% for $4.5 million and the Jobe trust paying $4 million for the rest. The apartments sold for $160,000 each. The capitalization rate was 5.36%. Brett O’Keefe of Re/Max Commercial Brokerage represented both buyers. Jon Giannola of Sperry Van Ness represented the seller.
Goodwill Industries of Orange County Inc. paid $5.5 million to an undisclosed seller for a 28,502-square-foot industrial building at 1601 E. Saint Andrew Place in Santa Ana. The building sold for $192 per square foot. Goodwill Industries moved from another building in Santa Ana. Clyde Stauff of Colliers International represented the seller. Greg Diab of Lee & Associates Commercial Real Estate Services represented Goodwill Industries.
Lincoln Yee and Grace Pack paid $5.1 million to the Church of Jesus Christ of Latter-Day Saints for a 15,119-square-foot office building at 833 Dover Drive in Newport Beach. The building, which is full, sold for $337 per square foot. David Knowlton and Jake Bates of NAI Capital represented both parties.
An undisclosed buyer from Los Angeles paid $3.1 million to an undisclosed Newport Beach seller for a 6,576-square-foot retail strip center, Brea Plaza, at 401 N. Brea Blvd. in Brea. The center, which is full, sold for $473 per square foot. The capitalization rate was 4.7%. Tenants include AutoZone, Quiznos, Payday Advance and Tobacco Royal. Jack Hopkins of Marcus & Millichap represented the buyer. Jeremy McChesney and Edward Hanley of Hanley Investment Group Real Estate Advisors represented the seller.
An undisclosed buyer paid $1.56 million to Saint John Properties LP for a 6,259-square-foot research and development building at 232 Avenida Fabricante in San Clemente. The building sold for $249 per square foot. It’s leased for five years to Saddleback Community Church for meetings and as office space. David Bolt, Chris Bates, Gary Stache, Pat Scruggs and Anthony DeLorenzo of CB Richard Ellis Group Inc. represented both parties.
LEASES
Lucky Craft Inc. leased 25,309 square feet of warehouse space at 380 Clinton St. in Costa Mesa. The 10-year deal is valued at $2.2 million. Lucky Craft is a Costa Mesa-based maker of fishing supplies. Ross Bourne of CB Richard Ellis represented the tenant. Bill Anderson of Meridian Pacific and Don Gregg of Curtis Associates represented the undisclosed landlord.
Please send real estate deals to deals@ocbj.com or to Orange County Business Journal, Attention: Deals, 2600 Michelson Drive, Ste. 170, Irvine, CA 92612. For sales, please list buyer and seller, sale price, square footage, building type, address and names of brokers and brokerages involved in the deal. For leases, please include tenant name, amount of square footage leased, type of space leased, value and duration of lease, address, landlord and brokers and brokerages involved in the deal.
