Isles Ranch Partners LLC, a Newport Beach-based real estate investor that started operations last year, said a venture it runs with a Minneapolis-based investment partner has helped fund the purchase of a noted horse farm in San Juan Capistrano that’s now slated for home development.
The company said this month that a partnership it runs with TPG Credit Management LP has committed $105 million in funding since last summer for nine housing and development projects across the country.
Five of those deals just closed, and one includes The Oaks, a 20-acre San Juan Capistrano equestrian facility near Ortega Highway, according to the two companies.
The deal was made in conjunction with Del Mar-based homebuilder Davidson Communities. A sale price for the land wasn’t disclosed.
The Oaks property went on the market several years ago with an asking price of close to $20 million. The property was owned by Joan Irvine Smith, great-granddaughter of James Irvine. The farm, founded in 1985, currently houses a horse breeding program.
Davidson Communities has proposed building 32 homes on 10,000-square-foot lots at The Oaks, while keeping about half the land as open space, according to local reports.
The project still needs city approval; at least two other builders have taken an interest in developing the site over the years but failed to get the city’s blessing.
The other recently closed land sites that Isles Ranch and TPG worked on are in Tiburon in Marin County and Rancho Mirage in Riverside County, as well as in Scottsdale, Ariz., and Charlotte, N.C.
Isles Ranch’s Newport Center office is headed by Managing Partner Tom Orradre, who was previously with Charlotte-based Mountain Real Estate Capital. He started his career with Newport beach-based Pacific Investment Management Co.
Platinum Triangle Sale
Anaheim Corporate Office Plaza, a five-building complex across the street from Angel Stadium in the Platinum Triangle, is up for sale.
Brokers for the Irvine office of Cushman & Wakefield Inc. have the listing for the property, which is on Orangewood Avenue next to the Santa Ana River.
An expected sale price for the complex, which runs 300,158 square feet, hasn’t been disclosed. It last sold in 2005 for a reported $68.2 million, according to CoStar Group Inc. data, or about $227 per square foot.
The plaza counts one five-story office and four three-story buildings and is currently owned by an affiliate of Southfield, Mich.-based Seligman & Associates Inc.
The property was about 90% occupied at the time of the 2005 sale; now it is about 54% leased, according to marketing materials for it. The prospective sale offers “an attractive value-add real estate investment opportunity,” according to Cushman & Wakefield’s marketing package.
The complex sits on a stretch of Orangewood Avenue that’s slated to hold several new apartment complexes, including Platinum Triangle projects planned by Irvine Company and LNR Property, but Seligman’s office site isn’t expected to be converted to housing.
BSP Buys
Newport Beach-based Buchanan Street Partners has made its third office acquisition in the Houston area in a little more than a year, this time for a 16-story office in the city’s Galleria submarket.
The real estate investment management firm last month partnered with Hopkins, Minn.-based alternative investment fund manager CarVal Investors LLC to buy 2100 West Loop S., a 165,399-square-foot office that’s about 82% leased. Terms of the sale weren’t disclosed.
The building was recently assessed at about $14 million; the new owner plans to spend several million dollars to upgrade the property, according to local reports.
“Over the course of the next year, 2100 West Loop will be transformed into the premier Galleria building for boutique tenants seeking strong identity and branding for their companies,” Tim Ballard, Buchanan Street’s president, said in a statement.
Earlier this month, Buchanan Street said it funded a $14 million mezzanine loan for an 11-story, 140,657-square-foot office building in downtown San Francisco.
An affiliate of Los Angeles-based investor Laurus Corp. owns the building, located at 1155 Market St.
The loan will be used to fund leasing costs, tenant improvements and property upgrades.
