50.6 F
Laguna Hills
Friday, Dec 9, 2022
-Advertisement-

Former LT Platinum Site in Anaheim Trades Again

The former LT Platinum site next to Angel Stadium in Anaheim’s Platinum Triangle, once eyed for one of Orange County’s more ambitious mixed-use developments, has traded hands once again.

The deal could lead to another shake-up for the long-planned redevelopment of the largely vacant 14-acre site near the southwest corner of the baseball stadium.

An entity with ties to Irvine-based Camphor Partners recently sold the site at 2030 S. State College Blvd. for $43.8 million, or about $3.1 million per acre, property records indicate.

The deal marks a premium over the prior 2019 sale, when the Camphor affiliate paid about $32 million, or $2.3 million per acre, for the site from Hong Kong-based LT Commercial Real Estate Ltd., signaling land values have held up throughout the pandemic. LT Commercial had bought the site in 2014 for $28.4 million.

Property records indicate the new owner is a venture between Newport Beach-based EBS Realty Partners and Connecticut-based Penwood Real Estate Investment Management.

The buyers are said to be in talks with the city of Anaheim regarding future redevelopment plans, which will be consistent with “the highest and best use” master plan for the Platinum Triangle, according to city spokesperson Mike Lyster.

In the interim, the new owners may utilize the existing industrial space on the property while they finalize plans for a development, likely mixed-use in nature with apartment and retail components.

New Direction

The Anaheim site, at the northeast corner of State College Boulevard and Orangewood Avenue, has been largely vacant for almost seven years. It has seen several development proposals over that period.

Plans under LT Commercial’s ownership involved an L.A. Live-type development holding some 1.7 million-square-foot of entertainment, hotel and residential uses, with several towers built. Its cost was estimated in the $500 million range when initially proposed.

In 2016, the city approved a plan with 405 residential units, 583,000 square feet of commercial development, and 77,000 square feet of office development. Construction never kicked off at the site.

Last year, the Camphor-led group proposed a scaled-down project that would have seen 947 rental apartment units, a 25,000-square-foot grocery store, two parking structures totaling 1,970 spaces and a 1-acre park.

The new ownership team has yet to submit any formal plans, though a mixed-use project similar in scope to Camphor’s project is likely.

EBS

The deal is a rare Orange County buy of late for EBS, a commercial real estate investor that typically invests in and develops industrial and office projects in the Inland Empire.

In 2019, the company made its first reported local buy in several years when it closed on a 95,000-square-foot Tustin building for nearly $20 million.

The site, located at 14192 Franklin Ave. just south of the Santa Ana (5) Freeway, is currently being eyed for redevelopment, with potential plans to build a new 45,000-square-foot industrial building and renovate the existing Class B flex property. 

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Previous article
Next article
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-