Real estate briefly: The Village at Nellie Gail Ranch sells for $46 million

Landsea Homes in Irvine has acquired 2.9 acres in the East Bay city of Milpitas to develop Siena, a master-planned community of 73 townhomes. (Courtesy of Landsea Homes)The Mogharebi Group in Costa Mesa sold the Minnie Street Apartments, a 20-unit in Santa Ana sold for $3.65 million. (Courtesy of TMG)The Mogharebi Group in Costa Mesa has completed the sale of The Heights, a 30-unit complex in La Habra, for $7.55 million. (Courtesy of TMG)The Bascom Group in Irvine has acquired Boulder View Apartments, a 68-unit infill apartment community in Boulder, Colo. The $18.97 million acquisition closed Dec. 19. (Courtesy of Bascom Group)The Retail Opportunity Investment Corp., a real estate investment trust based in San Diego, has acquired The Village at Nellie Gail Ranch from Vintage Real Estate. (Courtesy of ROIC and JLL)The Newport Beach office of Lee & Associates sponsored two food pantries and collected more than 22,000 pounds of food that was donated to the Second Harvest Food Bank of Orange County. (Courtesy of Lee & Associates, NB)Show Caption of Expand
New ventures
Landsea Homes in Irvine has acquired 2.9 acres in the East Bay city of Milpitas to develop Siena, a master-planned community of 73 townhomes. The company bought the property from SCS Development Co. for an undisclosed price. Landsea Homes in a statement says it anticipates construction will begin in spring 2018, with the first townhomes scheduled to be delivered by December 2018.The community, scheduled for completion in late 2019, will include homes in three floor plans ranging from 1,673 to 1,853 square feet.
Transactions
The Retail Opportunity Investment Corp., a real estate investment trust based in San Diego, has acquired The Village at Nellie Gail Ranch from Vintage Real Estate. ROIC paid $46 million for the South Orange County center. JLL’s Dave Monahan, Geoff Tranchina and Cameron Pittman represented Vintage Real Estate in the transaction. ROIC represented itself. The Village at Nellie Gail Ranch, an 88,486-square-foot grocery-anchored shopping center, is at 26532-62 Moulton Parkway in Laguna Hills.  Developed in 1987 and renovated in 2015, the center is anchored by Smart & Final Extra and includes tenants MOD Pizza, Chuck E. Cheese’s, Cycle Bar and BLS Nail Resort.
The Mogharebi Group in Costa Mesa has completed the sale of two apartment properties with a total of 50 units for roughly $11.2 million. The Heights, a 30-unit complex in La Habra, sold for $7.55 million. The Minnie Street Apartments, a 20-unit in Santa Ana sold for $3.65 million. The buyers were private investment groups based in the South Bay and the San Gabriel Valley, respectively. Mike Marcu of TMG represented both sides of the transaction for The Heights and the seller for Minnie Street Apartments. The Heights was sold by a private equity real estate firm located in the San Gabriel Valley. Minnie Street Apartments were sold by a private investor located in Orange County. The Heights, at 704-706 West First Ave., was built in 1987 and recently upgraded. It includes two-stories over covered parking. The Minnie Street Apartments, a two-story community built in 1961 is at 1426 and 1430 South Minnie St. in Santa Ana.
The Bascom Group in Irvine has acquired Boulder View Apartments, a 68-unit infill apartment community in Boulder, Colo. The $18.97 million acquisition closed Dec. 19. David Potarf, Dan Woodward, and Matt Barnett of CBRE were the listing brokers for the sale. Brian Eisendrath of CBRE arranged the $13.3 million loan with California Bank & Trust.
Good works
The Newport Beach office of Lee & Associates sponsored two food pantries and collected more than 22,000 pounds of food that was donated to the Second Harvest Food Bank of Orange County. Some 45 volunteers did everything from sign making, advertising, community outreach, client intake, to unloading product. In all, more than 170 families were served, representing 600 total individuals; including children, seniors, and adults.
Coming up
CREW-OC, the Orange County Chapter of the national Commercial Real Estate Women network, has opened nominations for its annual SPIRE awards program. The program recognizes superior performance in real estate by teams and individuals in the Orange County market. The awards are given in eight categories: women in CRE, new construction/new development, building renovations, tenant improvements, leasing, sales, lending, and philanthropy. To nominate an individual or team, go to crewocspireawards.com. Winners will be announced at the SPIRE Awards gala March 14, 2018 at the Samueli Theater in Costa Mesa.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
Source: Oc Register