Real Estate Deals
Compiled by Yoko Ito-Peterson
SALES
Pacific Castle Synergy LLC paid $17.6 million to Portola Plaza Ltd. for an 81,990-square-foot retail center at 27670 Santa Margarita Parkway in Mission Viejo. The center is anchored by Ralphs and Longs Drugs. David Lee of Faris Lee Investments represented Pacific Castle Synergy. Dennis Vaccaro and Rich Walter of Faris Lee Investments represented Portola Plaza.
Roma Kruczak, a Mission Viejo-based private investor, paid $1.4 million to Maria Barnard of Cherry Valley for the 22-unit Park Lyon Apartments at 502 to 508 N. Lyon St. in Santa Ana. The two-building complex was 100% occupied at the time of the sale. Luke Clor of Remax South City represented Kruczak. Jerry Giglio of Grubb & Ellis’ Anaheim office represented Barnard.
Impac Properties bought a 10,776-square-foot industrial building at 6401 Global Dr. in Cypress from Jack and Kathy Markovitz for $1.1 million. David Cox of Ashwill Associates represented both parties.
Pacific Castle Properties sold a 17,664-square-foot retail center at 540 S. Coast Highway in Laguna Beach to Tide Lands Inc. for $6.5 million. Robert Clippinger of Providence Realty Group represented Tide Lands Inc. Dennis Vaccaro and David Lee of Faris Lee Investments represented Pacific Castle Properties.
Irvine-based Sares Regis Group bought the 348-unit Waterstone Apartment Community in Chatsworth from Pacific Property Co. of Los Angeles and Palo Alto for $30.7 million. Citibank Private Bank is the company’s venture partner in the transaction.
Save-Most Alicia Hills Ltd., a private investor, purchased a 49,972-square-foot office building in San Diego from The Shidler Group, a national real estate investment firm in Hawaii for $8.3 million. Alan Pekarcik of Voit Commercial Brokerage’s Irvine office represented Save-Most. Phil Munroe and Adam Edwards of Burnham Real Estate Services represented The Shidler Group.
Costa Mesa-based Cardinal Development Co. acquired a 21,600-square-foot industrial building at 1215 W. Lambert Road in Brea from Fresno-based WRC Property Co. for $2.3 million. Ben Seybold of CB Richard Ellis represented Cardinal Development Co. Mitch Zehner and Louis Tomaselli of Voit Commercial Brokerage’s Anaheim Metro office represented WRC Property.
Vincent Enterprises paid $600,000 to a private trust for a 6,100-square-foot industrial building at 7392 Vincent Circle in Huntington Beach. Greg Gill and Jeff Coburn of Newmark & Co. Real Estate represented both parties.
ELC Electric bought a 12,000-square-foot industrial building at 5582 McFadden Ave. in Huntington Beach for $1.4 million. Bob Goodmanson, Brad Bierbaum and Brian DeRevere of CB Richard Ellis brokered the transaction.
LEASES
CEM Engineering leased a 5,870-square-foot R & D; building at 23142 Arroyo Vista in Rancho Santa Margarita from Guthrie Development. The six-year contract was valued at $500,000. CEM Engineering will move from Mission Viejo to the single-story, freestanding building. Craig Cameron of NAI Capital Commercial represented CEM Engineering. Trent Walker and Brian Corrigan of Voit Commercial Brokerage represented Guthrie Development.
Noritz America Corp., the U.S. arm of a Japanese maker of bath heaters and a producer of gas and kerosene water heaters, leased 5,184 square feet at 20492 Crescent Bay in Lake Forest from Cal West Industrial Properties LLC. The five-year lease was valued at $300,000. This is the company’s first North American facility. Cory Napora of Resource Commercial Real Estate Inc. represented Noritz. Michael Cargile of Voit Commercial Brokerage represented Cal West Properties.
24 Hour Fitness leased a 37,000-square-foot facility from National Retail Partners for 15 years. It will be moving from 910 E. Birch St. across the street to 965 E. Birch St. in the Brea Market Place in Brea. 24 Hour Fitness is set to open late summer. Kevin Maguire of Maguire & Associates represented 24 Hour Fitness. Jeff Moore, John Mehigan, Scott Horsley, Jennifer Bobier, Jim Duke, Carol Schillne and Shannon North of CB Richard Ellis represented National Retail Partners.
Alfred’s Pictures Frames subleased 89,940 square feet at 1580 Sunflower in Costa Mesa from Q-Run Corp. The 27-month contract was valued at $800,000. David Desper of CB Richard Ellis’ Newport Beach office represented Alfred’s Picture Frame. David Desper and Philip Cohen of CB Richard Ellis’ Newport Beach office represented Q-Run.
OTHER
A 34,000-square-foot physical fitness center, designed by Newport Beach-based Robbins Jorgensen Christopher, is under construction at the Los Angeles Air Force Base. The $5.1 million complex includes a health education center with classrooms in addition to gymnasium and exercise facilities. In addition, Robbins Jorgensen Christopher received a $2 million indefinite delivery/indefinite quantity contract from the southwest division of the Naval Facilities Engineering Command. The firm will provide planning, architecture, landscape architecture and interiors services for several projects during the next year.
Johnson Capital Group’s Irvine office arranged $25.7 million in financing for the 1 million square-foot Mattel Distribution Center in Fort Worth, Texas.
Irvine-based Marcus & Millichap Capital Corp. arranged $11.5 million in financing for the purchase of Chino Promenade, a retail/entertainment center in Chino. Its tenants include AAA, Cinemark movie theater, Blockbuster Video, 24 Hour Fitness and a food court.
