Two Orange County firms are part of the development team working on plans for a high-rise residential tower in the Fashion District of Los Angeles.
A venture between Realm Real Estate LLC of Newport Beach and its longtime investment partner, Irvine-based Bascom Group, announced last month that they closed on the purchase of 1.7 acres at the intersection of Seventh Street and Maple Avenue in downtown Los Angeles, paying just under $24.3 million.
A deal had been expected; the development group had worked to get entitlements for over a year, according to city filings. The land is currently covered with a parking lot, and city records show an L.A.-based entity with ties to the city’s parking facilities owner L&R Group of Cos. as the seller.
Los Angeles-based Urban Offerings is also involved in the “7th & Maple” project.
Developers plan a 33-story, 452-unit high-rise apartment project, the first tower in the Fashion District, they said. They haven’t announced a construction schedule.
The concrete, steel and glass tower will feature a rooftop lounge, and a 1-acre amenity deck on the sixth floor with a pool terrace and oversize dog park.
There will be 13,600 square feet of ground-floor commercial space.
“The Fashion District Tower builds upon downtown L.A.’s ongoing successful revitalization in a city facing a housing crunch,” said Realm Group Principal Darrin Olson in a statement.
Realm Group has a second high-rise development in the works in downtown L.A., a 36-story, 422-unit multifamily tower planned near the city’s financial district called Bixel Tower.
Bascom is one of the country’s largest privately held apartments owners. It also helps fund a number of area development groups and real estate companies, including Realm and Premier Business Centers, the Irvine-based executive suites office operator.
Orbis Sale
Two OC-based firms recently struck a deal in the Riverside County city of Eastvale.
Irvine-based LBA Realty recently closed on the purchase of three newly built industrial buildings at Eastvale’s The Campus, a 10-building development near the 15 Freeway.
The Campus was developed by Newport Beach-based Orbis Real Estate Partners in a venture with Chase Partners of Glendale. It broke ground about two years ago. The developers valued the project at about $100 million when construction started.
LBA’s purchase included three fully-leased buildings totaling about 193,000 square feet. Terms of the deal weren’t immediately disclosed.
The Campus project, at about 734,000 square feet, is sold out, according to Orbis’ Tom Money, one of three partners at the firm, along with Bryce Burnham and Grant Ross.
Orbis has focused largely on industrial development in the Inland Empire since starting operations in 2014, and has a few more projects in the works there.
LBA recently rebranded much of its industrial portfolio under LBA Logistics. The privately held company said it owns and operates an industrial portfolio totaling more than 40 million square feet.
Co-working Call
Calling all operators of shared office space in Orange County: we’re looking for you.
The August 27 edition of the Business Journal will include our inaugural listing of co-working office facilities that are located in the county.
It’s a sector that’s been growing exponentially here in the past few years, with no sign of a slowdown. This month’s list looks to detail that growth, and provide readers insight into the locations and different business models of individual flexible office space operators, as well as highlight the different amenity packages they provide to their tenants.
Local co-working office operators looking to get on the August 27 listing should contact our research director, Meghan Kliewer, at kliewer@ocbj.com or (949) 664-5051.
