Broadcom Corp. has given a few more financial details about the land deal it made for its planned new headquarters campus next to Orange County Great Park.
In March, the chipmaker closed on the purchase of the 73-acre site on the southern edge of the former El Toro Marine base, where it plans to build the corporate campus.
Its previous disclosures indicated it would pay $128 million to buy the land near the train station in Irvine and the intersection of the San Diego (405) and Santa Ana (I-5) freeways.
Broadcom’s latest quarterly report, released in April, places a $156 million value on the deal.
“This payment included $110 million for the purchase of the land and $46 million for prepaid taxes and refundable deposits,” it said in the report.
The latest disclosure places a $1.5 million-per-acre price on the land sale, not factoring in the taxes and deposits.
An affiliate of Aliso Viejo-based FivePoint Communities Management Inc., master developer of Great Park Neighborhoods, sold the land.
The Broadcom campus, which broke ground a little more than a month ago, calls for five buildings and 1.1 million square feet in its first phase. It’s the largest new office project in OC in years.
Two million square feet could ultimately be built at the campus.
The company estimated in its last annual report that the construction of the facility and the associated relocation would cost an additional $650 million through 2018.
Anaheim Portfolio
Charleston, S.C.-based Greystar Real Estate Partners LLC has snapped up a portfolio of four apartment complexes in downtown Anaheim.
An affiliate of Greystar recently closed on the purchase of the properties, which include Promenade Lofts, Doria Lofts, Carnegie Plaza and Broadway Arms.
The four- and five-story complexes near the Anaheim Packing House and City Hall total 276 units and have 27,000 square feet of ground-floor retail space.
Terms of the purchase weren’t disclosed; CoStar Group Inc. records estimate the deal at $72.1 million, or about $261,000 per unit, not factoring in the retail space.
Los Angeles-based real estate investor and developer CIM Group sold the properties, which it developed in partnership with Anaheim’s redevelopment agency between 2006 and 2008.
It is its latest big portfolio sale this year in Orange County. CIM Group, in separate transactions in February, sold the 157-room Joie de Vivre boutique hotel that’s part of the Strand development in Huntington Beach, as well as a 97,000-square-foot retail portion of the Strand. The sales totaled about $122 million combined, according to brokerage data.
The Anaheim purchases are believed to be Greystar’s largest in OC since 2012, when it paid $169 million for the Whispering Winds apartment complex in San Clemente.
Greystar ranks as the country’s 29th largest apartment owner, with nearly 40,000 rental units to its name, according to data from the National Multifamily Housing Council.
Local REIT President
United Realty Trust Inc., a nontraded real estate investment trust based in New York that’s in the early stages of fundraising, has named a local executive as its president.
Brian Buehler last month became president of the company and its affiliate, United Realty Advisors LP.
He joined United Realty last year after working for Strategic Storage Holdings LLC, a self-storage investor in Ladera Ranch that operates its own nontraded REITs.
Buehler said he’ll open a local office in the Fashion Island area in the near term.
United Realty Trust has raised a little more than $25 million from investors to date, according to regulatory filings.
