The owners of Bella Terra shopping center in Huntington Beach have gotten the city’s approval to add 300 apartments to the retail center by 2026.
PGIM and DJM said the plan includes knocking down the Burlington Coat Factory store and an adjacent 33,000-square-foot structure in order to build a multilevel structure that will include ground-level retail space plus five floors of residential units.
The new apartments will bring Bella Terra’s apartment count to 767 units overall. Residences at Bella Terra (a complex that is part of the retail center’s master plan) include 467 apartments. There are two other large apartment complexes west of the center and outside of the its master plan: Boardwalk by Windsor and Avalon Huntington Beach.
The project also will accommodate additional housing, including affordable housing, according to PGIM and DJM.
DJM said its next steps include finishing up design and engineering and getting permits for the project.
Construction, estimated to take two and a half years, should begin by the end of 2023 and open for residents by early 2026.
8-acre industrial complex in Fullerton sells for $61 million
An 8.38-acre industrial parcel with three industrial properties on 155,000 square feet has sold in Fullerton for $61 million, according to CBRE.
B & K Investment Co. sold the properties to Ares Management, an industrial investor and developer.
“Orange County’s industrial demand is strong, and the area is having one of its best years for leasing and sales activity,” said Sean Ward at CBRE. “This sale gives Ares many flexible redevelopment opportunities while also addressing the market’s need for more industrial space.”
CBRE said the tenant has leased the properties back and will continue to occupy them for now.
The property sits at the corner of 801 S. Acacia Ave. (83,170 square feet), 811 S. Acacia Ave. (56,000 square feet), and 1580 Kimberly Ave. (15,830 square feet).
CBRE represented the seller in the deal.
Mission Viejo retail center sells for nearly $10 million
Marguerite Plaza, a 24,974-square-foot retail center at 28892 Marguerite Parkway in Mission Viejo has sold for $9.8 million.
Newport Beach-based SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.
The retail center, nearly 50 years old, got an update in 2016. It sits on 2.07 acres and is leased by Salon Centric, Core Power Yoga, GolfTec Enterprises, and Zenko Sushi.
The buyer, who was not identified, was represented by Compass.
Industrial property sells for $17.5M in Brea
CBRE negotiated the $17.5 million sale of another industrial property in Brea.
The 138,710-square-feet property sits on 6.36 acres at 350 Ranger Ave.
CBRE represented the seller, Saunders Property Management. LA-based Vectra Management Group bought the property for one of its sponsored real estate partnerships, according to CBRE.
Birtcher adds five in company expansion
Birtcher Development, a Newport Beach-based industrial real estate development firm, has added five team members:
Holly Fessler, director of asset and property management. Most recently, Fessler served as a senior manager, operations for Irvine Co.
Lindsey Mansker, director of development. Previously, she launched her own entitlement and project management consulting firm.
Mark Shea, director of accounting. He previously served as vice president of operational accounting for FivePoint Holdings.
Tom Adamson, development manager. He spent five years with KPRS Construction Services where he was a project manager.
Shellie McDearmon, project accountant. She has 15 years of accounting experience, most recently working at Avanath Capital Management.
Birtcher Development, a family-owned real estate company, was founded in 1939. In its history, the firm has acquired, managed or developed more than 65 million square feet of space and 260 projects.
Company milestones
Santa Ana-based System Pavers is celebrating its 30th anniversary.
The company was founded in the city in 1992. The company helps designers and construction teams collaborate on outdoor elements for their projects.
Notable System Pavers projects can be found at Union Station in Los Angeles, outside Angel Stadium, on walkways in Long Beach and at the Aliso Viejo Shopping center.
The company said it also recently expanded into Texas. It also operates in Colorado, Oregon and Washington in a total 16 locations.
Seal Beach CRE family honored at Cal State SB
A ribbon-cutting for the James R. Watson and Judy Rodriguez Watson College of Education at Cal State San Bernardino was held Nov. 1.
The college was renamed after the longtime university donors, who’ve pledged $8.4 million to the school. The Watson & Associates Literacy Center, which helps students in K-12 improve their reading, listening and writing skills, also is housed at the college.
James “Jim” Watson launched J.R. Watson & Associates in 1972. The commercial real estate firm based in Seal Beach has developed shopping centers, residential and master-planned mixed-use projects.
Hanley team grows whiskers again for Movember
Corona Del Mar-based Hanley Investment Group Real Estate Advisors is once again “Taking Care of Business” by kicking off its 12th year of Movember fundraising. The program raises awareness and funds for prostate cancer, testicular cancer, mental health and suicide prevention. In its years of participating, Hanley says it has raised at least $300,000 since 2011.
In “Movember,” participating men start clean-shaven Nov. 1, and then the “Mo Bros” groom and trim their moustaches to become walking “billboards” for the month. The women, or “Mo Sistas,” also participate with the fundraising.
The firm’s president, Ed Hanley, lost his father to prostate cancer in 2009. “This cause means a great deal to me and I don’t ever want other families and individuals to have to go through what our family did, losing my dad to prostate cancer,” Hanley said in a statement.
This year, Hanley and Nathan Holthouser, president of Coastal Commercial, will be co-hosting a fundraising at 5 p.m. Tuesday, Nov. 29 at Muldoon’s Irish Pub in Newport Beach. A portion of all bar sales from the night will be donated to Movember.
For event details, please contact info@hanleyinvestment.com.
To donate to Hanley Investment Group’s Movember fundraising, go to us.movember.com/team/2234814
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register
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