An Anaheim-based sheet metal manufacturer has acquired a new headquarters for itself, on a property previously eyed for a sizable redevelopment.
Pinnacle Precision Sheet Metal Corp., a fabrication company in business for more than 36 years, just bought a 65,000-square-foot industrial building at 5410 E. La Palma.
The lender-owned property sold for $4.3 million, or about $66 per square foot. Pinnacle Precision paid cash.
The property last traded hands in mid-2007, for a reported $8 million.
The prior owner of the building, which records list as AK3 Anaheim Hills LLC, had eyed the 4-acre industrial site for other types of commercial development, according to Rob Socci, executive vice president for the Anaheim metro office of Voit Real Estate Services.
Medical condominiums were considered for the property, as were office condos tailored to the auto industry, according to Socci, who along with sons Hayden and R.J. Socci represented the buyers and the bank in the deal. The name of the lender wasn’t disclosed.
The industrial building is across the street from the Jaguar Anaheim Hills and Anaheim Mercedes-Benz dealerships.
The building reportedly went back to the lender about eight months ago.
Pinnacle Precision plans to put about $1 million in renovations to get the industrial building operational again, which had been empty for a while, according to Socci.
The company will be moving by next June. It’s leasing space at its current headquarters, which is about three miles away.
Thompson Partnership
Irvine’s Thompson National Properties LLC, a real estate investor and asset manager, said it’s launching a business aimed at government and institutional clients.
The company recently formed Thompson Dawson Real Estate Services, in partnership with the Dawson Co., an Atlanta-based real estate company with expertise in working with governments. The company handled some $400 million of real estate assets and loans during the last big downturn. It worked with the Resolution Trust Corp., a government-owned asset management company that was created after the savings and loan crisis of the late 1980s.
The new business will offer asset management, receivership, real estate investment management, consulting and development services, with an emphasis on serving government and public sector clients in the U.S. and abroad, according to the companies.
RiverRock Expands
Santa Ana-based RiverRock Real Estate Group Inc. has added about 560,000 square feet of local office space to its management services portfolio, after grabbing assignments for two big properties.
The company will be performing strategic asset and property management services for the 100 Bayview, a two-building, 317,000-square-foot office complex in Newport Beach that’s owned by AEW Capital Management LP. It’s part of the same campus that includes the former Downey Savings & Loan headquarters.
River Rock’s also working for the new owners of 3 MacArthur Place in Santa Ana. That 563,819-square-foot, 11-story office was sold this fall to El Segundo-based Highridge Partners Inc.
RiverRock’s management portfolio now totals about 12 million square feet.
Santa Ana-based homebuilder City Ventures LLC is adding some new types of development to its most recent project, in Los Angeles County.
The year-old company, which has focused on building homes in urban infill areas, recently won a contract from the city of Alhambra to build 86 homes in a mixed-use development.
A majority of the project is townhomes and podium-style condos.
But the project also includes a few new elements that the upstart builder’s yet to work on, including live-work and shopkeeper units and more than 8,000 square feet of retail, according to City Ventures cofounder and Chairman Craig Atkins.
City Ventures also is expecting to be part of a big mixed-use development planned for its home city, although the retail and apartment components of the so-called Station District project, on Santa Ana Boulevard, are expected to be handled by other parties.
In the case of Alhambra, City Ventures will be taking on all aspects of the project, Atkins said.
Terms of the Alhambra deal weren’t disclosed. City Ventures is buying the land—next to Alhambra High School on the site of the city’s former library—from the city’s redevelopment agency.
