A stretch of small- and midsize Newport Beach offices along Von Karman Avenue that house a good number of local real estate companies is seeing a fair amount of sales activity.
Brokerage reports show a nearly 43,000-square-foot building at 4440 Von Karman Ave. recently changing hands for about $12 million, or roughly $280 per square foot.
The deal is among the larger Newport Beach office sales of the year.
The three-story building was bought by a Newport Beach-based entity called Canopi LLC, according to CoStar Group Inc. records.
State records show the new owner having ties to Costa Mesa-based Vimpex International, a company that sources, processes, and imports food and other products.
The building was sold by an affiliate of real estate investor Greenlaw Partners, which also has its headquarters at the building.
The property is about 93% leased; the local offices of Stream Realty Partners have the leasing assignment for the office, according to CoStar.
4440 Von Karman is one of several offices running between Birch Avenue and MacArthur Boulevard in the Koll Center Newport office campus, near the Pacific Club, that have been put up for sale of late.
Others currently on the sales block include a two-story, 28,158-square-foot building at 4220 Von Karman.
That building, which counts tenants such as law firm Manly & Stewart and DPR Construction, is being listed for sale at a little less than $9 million, or about $319 per square foot, according to brokers with 360 Commercial Partners in Irvine, which has the listing for the office.
Also up for sale is 4300 Von Karman, a smaller office that’s owned by Professional Real Estate Services Inc. The company, which also goes by Pres Companies, has its headquarters at the building.
The 6,850-square-foot Pres building is being listed for just under $6 million, or about an eye-catching $860 per square foot, according to marketing materials.
Greenlaw Partners, which sold the 4440 Von Karman offices, has at least one more midsize office near John Wayne Airport on the market, at 2955 Main St. in Irvine.
That 34,000-square-foot building, across the street from Newport Beach-based Irvine Company’s Jamboree Center office complex in Irvine, is listed for sale at about $11 million.
Real estate watchers also are keeping an eye on an office tower at 2050 Main St. in Irvine—a larger area building that Greenlaw is a part owner of—as a potential sales target.
Oasis ReFi
Irvine-based Bascom Group has refinanced a 406-unit apartment complex it owns just outside of Honolulu, Hawaii.
The Irvine office of Holliday Fenoglio Fowler LP, also known as HFF, said it arranged a $56 million refinancing for Oasis at Waipahu, a townhome-style apartment complex, for Bascom.
Apartment investor and manager Bascom paid a reported $63.3 million for the complex in mid-2008, and renovated the complex in 2008 and 2009. The property is 97% leased.
The new financing deal includes a 36-month, floating-rate loan with New York-based Prime Finance.
The HFF team representing the borrowers was led by Senior Managing Director Kevin MacKenzie and Associate Director Charles Halladay.
Venturing Forth
Santa Ana homebuilder City Ventures LLC continues to be aggressive on the hunt for land in California.
The company, which started up operations in 2009, said it has acquired another 580 lots and has been selected as the approved builder for an additional 209 over the past three months.
City Ventures now owns and controls more than 5,500 lots in California. The company expects homes to be built and sold on those lots to generate revenue of $2.5 billion.
Recent acquisitions include forays into Northern California, with deals in Sunnyvale and Scotts Valley. City Ventures also was selected to help lead the redevelopment of downtown Morgan Hill in Santa Clara County.
The company has more than a dozen other Bay Area sites in the pipeline, according to Phil Kerr, vice president of development.
In the next few months, City Ventures is expected to have 13 projects under construction, including local projects in Santa Ana and Brea, according to the company, which bills itself as a builder of affordable, eco-friendly homes in urban locations.
Among other green initiatives, the builder recently announced a partnership with car-maker Nissan to pre-wire townhomes it is building in three Southern California developments for electric vehicle chargers.
The effort is the largest residential, electric vehicle pre-wiring project in the United States, according to the two companies.
