Newport Beach-based Avenue Equities bought a six-building flex campus from New York-based Blackstone Inc. for $42.4 million.
Avenue Equities is the new owner of Cartwright Business Park, located at 17500-17595 Cartwright Road and 2485-2505 Da Vinci in Irvine. The deal closed on Aug. 28, according to CoStar data.
The most expensive building in the portfolio at 17500 Cartwright Road sold for nearly $11.5 million. The building at 17595 Cartwright Road sold for $10.9 million.
All six buildings add up to nearly 119,000 square feet of space.
Tenants at the time of sale, according to Cushman & Wakefield, were Kitchen Armor at 17500 Cartwright, FAAC International Inc. at 17595 Cartwright, Kelmscott Communications at 2485 Da Vinci and VCA Animal Hospitals at 2505 Da Vinci.
Cushman & Wakefield, in its marketing materials for the six-building portfolio, called Cartwright Business Park “a rare opportunity” to acquire a flex property in a market “with extremely high barriers to entry due to a lack of developable land sites, entitlement headwinds, prolonged construction timelines and increased development costs.”
An executive with Avenue Equities told the Business Journal that Cartwright Business Park, about three miles from John Wayne Airport, was in a good location and offered the company several options as to what it would do with the property going forward.
“This transaction reflects our disciplined approach to acquiring high-quality assets in markets with structural supply constraints and strong demand fundamentals at below replacement cost,” Avenue Equities said in its LinkedIn post about buying the business park.
“Orange County’s industrial sector benefits from limited land availability, regulatory barriers to new development, and proximity to critical logistics infrastructure. The substantial land position provides additional strategic optionality for future value creation.”
Avenue Equities
The Newport Beach-based real estate company was founded by Arya Rashtchi.
Rashtchi, who attended Emory University’s Goizueta Business School in Atlanta, was an analyst at Starwood Capital Group and worked in the investments departments at Hudson Pacific Properties, CenterSquare Investment Management and Stockdale Capital Partners LLC before founding Avenue Equities in 2021.
Serving as a senior advisor for Avenue Equities is Larry Webb, who served as executive chairman, CEO and co-founder of The New Home Co.
Webb was also one of the key players who sold John Laing Homes and served as a division president of Kaufman & Broad. He was the Orange County president of Greystone Homes and chief restructuring officer for LandSource.
CoStar also lists the industrial property at 1672 Reynold Ave., Irvine, as part of the Avenue Equities portfolio.
Avenue Equities, according to CoStar, bought 1672 Reynolds Ave. for $10.7 million on a short sale in November.
Navigator Seeks to Include Special Education Students
Navigator Schools is part of a trend among charter schools pushing for full inclusion, said Navigator CEO and Superintendent Caprice Young.
“Full inclusion is important because in a lot of cases, both at charters and traditional public schools, special education students are pushed off into resource rooms where they’re not participating in the traditional classroom,” Young told the Business Journal.
Students with special education needs and disabilities at Navigators’ schools, meanwhile, are kept in the same classroom as other students. Many Orange County public schools also educate students with special needs alongside other students.
Additionally, the charter school system is also using technology to improve inclusivity.
It’s implementing an AI-based app that sends 15-minute homework assignments to students’ families in their native language.
“Now parents of any language origin are able to be tutors for their own kids,” Young said.
