COMMERCIAL
Irvine-based developer Pacific Newport Properties Inc. said it’s pulled off the priciest industrial sale in Southern California so far this year.
The company recently sold off a 1.6 million-square-foot warehouse and distribution facility in the Inland Empire for $85.3 million. Not factoring in debt, the sale works out to about $53.30 per square foot.
The facility is the final part of Pacific Newport’s Mira Loma Distribution Center in Mira Loma, a 131-acre project the developer has built at the site, which is located about 50 miles east of Los Angeles.
An undisclosed institutional buyer made the purchase. Sources said the new owner is based in Orange County.
Tenants in the center include Santa Ana-based Ingram Micro Inc., which has had an assembly and distribution facility there for the past decade, as well as Virginia-based Ferguson Enterprises Inc., which leases about 566,000 square feet of space.
Pacific Newport said it plans to continue managing the center for the new owner. The buildings being sold include about 235,000 square feet of vacant space.
The Mira Loma sale is roughly twice as big as the next largest industrial deal seen so far in Southern California this year, the $42 million sale of the Federated Department Stores building in Los Angeles, according to the developer’s figures.
Pacific Newport Properties was represented in the sale by Cushman & Wakefield Inc.’s Kent Hindes, director with the company’s Ontario office, along with Jeff Chiate and Jeff Cole, executive directors with the brokerage’s Irvine office. The undisclosed buyer represented itself.
Anaheim Land
A 10.5-acre site in Anaheim just outside the Platinum Triangle is up for sale in what could be one of the larger land deals the area’s seen of late.
Pittsburgh-based Neville Chemical Co. recently listed the land it owns at 2201 East Cerritos Ave., just off State College Boulevard and a few blocks from the Orange (57) Freeway.
Jeff Read, executive vice president with the Anaheim office of Grubb & Ellis Co., and Greg Osborne, also from Grubb, have the listing for the site. The asking price is $26 per square foot.
Neville Chemical previously had a manufacturing building at the site but took it down about five years ago. The lot’s now empty, and is listed by the city as “flexible transition zoning,” which gives any new owner some options in terms of new development.
Considering the site’s location near Anaheim’s “Tile Mile,” the site’s most likely redevelopment option is as an industrial building, Read said.
There’s no set date for bids, the brokers said.
RESIDENTIAL
Newport Beach’s McMonigle Group, one of OC’s better-known residential real estate brokerages, said it has ended its affiliation with Coldwell Banker Previews International and is going independent.
The real estate group, which specializes in high-end coastal homes, had been with Coldwell Banker since founder John McMonigle sold his Strada Properties to Coldwell in 2003.
The newly independent brokerage, now known as McMonigle Group Inc., also counts a commercial real estate division. It’s in the process of opening a new residential office in San Juan Capistrano.
San Diego Buys
Laguna Niguel real estate developer Raintree Partners has doubled the size of its apartment holdings in San Diego County with the acquisition of two complexes for a combined $65 million.
The complexes are in Carlsbad and Rancho Peñasquitos and total 260 apartments. They each are more than 95% full.
Flower Fields Apartments in Carlsbad sold for $31.5 million, while Canyon Hills Apartments in Rancho Peñasquitos went for $33.5 million. The two sales worked out to a purchase price of $250,000 per apartment.
The complexes were purchased with 10-year fixed loans totaling $42.6 million, according to the company.
The value of Raintree’s portfolio in San Diego County now runs about $130 million. It owns nine complexes in all.
Garden Grove Re-Fi
The Irvine office of real estate banking services firm Holliday Fenoglio Fowler LP said it arranged a $20 million refinancing for Rose Garden Apartments Community, a 239-unit complex in Garden Grove.
Holliday Fenoglio managing director David Bleiweiss worked on behalf of the borrower, Irvine-based Bertram Partners Inc., to secure a 10-year, fixed-rate loan from Fannie Mae.
The Rose Garden complex is located at 9645 Westminster Avenue and 11632 Stuart Drive. The property is an affordable housing complex and said to be nearly full.
Bertram Partners is the owner and managing general partner of about 2,000 conventional and affordable apartment communities in Southern California and Arizona.
