Jewish Center Plans Detailed; Inland Empire Lots Sold
Looking for a hot sector in the real estate market?
Consider apartments. Both Grubb & Ellis Co. and Marcus & Millichap Real Estate Investment Brokerage Co. have closed major apartment deals in recent weeks.
As mentioned in this column a few weeks ago, San Francisco-based Lend Lease Real Estate Investors recently paid $23.15 million for the 245-unit Rancho Valencia Apartments in Garden Grove.
Hot on the heels of that deal, David Eagle of Grubb & Ellis’ Newport Beach office and Jerry Giglio and Arlan Murata of Grubb’s Anaheim office got in on the $12.85 million sale of the 128-unit Briarhill Apartments in Fullerton.
The two brokers represented the seller, a Newport Beach-based pension fund advisor. Eagle also represented the buyer, Northern California’s NNC Apartment Ventures LLC.
Located at 140 W. Hill St. off Harbor Boulevard, the nine-building apartment complex was 98% occupied at the time of sale.
Brokers at Marcus & Millichap also have been busy in the multifamily market.
The Palo Alto-based company closed on a 161-unit apartment property in Van Nuys for $10.3 million.
A San Diego-based limited partnership acquired the Meadowbrook Apartment complex. The 113,758-square-foot complex, located at 15425 Sherman Way, was 99% occupied at the time of sale.
Gregory Harris of Marcus & Millichap’s Encino office represented the buyer while Ronald Harris of Marcus & Millichap’s Los Angeles office represented the seller.
COMMERCIAL
Well, sort of commercial.
The Samueli Jewish Campus in Irvine is taking shape.
The Jewish Community Center of Orange County has announced plans for a major expansion project with the donation of $20 million worth of land bought earlier this year by Henry Samueli, co-founder of Broadcom Corp.
Plans call for a $65 million community campus, aptly named the Samueli Jewish Campus, on 20 acres Samueli bought from The Irvine Company at Bonita Canyon Drive.
The campus will include a 120,000-square-foot community facility, a computer center a health and fitness center and an aquatic center. Also on tap are a caf & #233; and an auditorium designed to hold 500 people.
The project is set to break ground once additional money is raised.
In a related project set to break ground this fall, Tarbut V’Torah, a Jewish school that stands on adjacent Irvine Co. land, is expected to see a 60,000-square-foot expansion.
The proposed construction would allow Tarbut V’Torah to double its current 500-student enrollment.
Bits and Pieces:
Irvine-based Snyder Langston has begun construction of Newport Ridge Retail Center. The $7.3 million project is located on 10.82 acres at the corner of Newport Coast Drive and San Joaquin Hills Road in Newport Beach.
When completed in February, the 50,000-square-foot project will consist of three, multi-tenant, single-story buildings. No tenant information is available at this time Irvine-based R.D. Olson Construction has completed work on a $25 million upscale student-housing complex. Located near the University of California, Riverside, the 287,000-square-foot project includes 752 one-, two- and four-bedroom suites with private baths.
As a tech amenity, each room is equipped with high speed data lines networked to the university.
RESIDENTIAL
Inland Empire Land Sales
Land is scarce in Orange County; not so in the Inland Empire.
The rash of sales for residential lots in the Inland Empire continued on a roll when Irvine-based Whittlesey Doyle Inc. recently brokered the sale of 146 residential lots at Moreno Valley Ranch for $6.2 million.
Amenities at Moreno Valley Ranch include Moreno Valley Ranch Golf Course and recreation opportunities at Lake Perris.
The area has been a hot spot for Whittlesey Doyle. The lots, with a minimum lot size of 5,500 square feet, are set to be developed by Pacific Century Homes of Temecula.
Earlier this year, the land brokerage company handled the sale of 301 lots to Pacific Century Homes.
The homebuilder recently opened on these lots as “Via Verde,” a new community. Prices ranged from $172,794 to $223,097.
In the past two years, Whittlesey Doyle has brokered 1,800 lots in the Inland Empire.
Tom Doyle, a partner of Whittlesey Doyle, represented Pacific Century homes and the seller, Tustin-based Highpoint Communities, in the deal.
