City Tower, a 20-story, 435,177-square-foot high-rise office building in Orange, has been sold for $150.5 million.
The building at 333 City Boulevard is home to UC Irvine Medical Center, Enterprise Rent-A-Car and Sedgwick and Spaces.
The transaction, which was brokered by Newmark Knight Frank, is the largest office sale in Orange County this year, according to the firm.
The property got a $3 million renovation that upgraded the lobby, fitness center, conference center and main entry.
Newmark’s Kevin Shannon, Paul Jones, Brunson Howard, Ken White and Brandon White represented the seller, Pacific Oak Capital Advisors. The buyer was Opal Holdings, a New York-based real estate investment firm.
Anaheim housing project fully occupied
El Verano, a new, 54-unit affordable and supportive housing apartment complex for the homeless and low-income seniors, is now fully occupied at 1248 E. Lincoln Ave. in Anaheim.
Innovative Housing Opportunities converted the blighted Sandman Hotel into a three-story community with Spanish architecture.
The city bought the hotel in 2017 for $3.5 million along with parcels at 1239 and 1249 E. Broadway. IHO, which proposed spending $23 million for the conversion, holds a 55-year lease with the city. Federal funds and tax credits were used to develop the apartment in addition to a $2.5 million loan from the city.
Amenities include a community room, computer room and dedicated health office. All the services are aimed at helping residents remain housed and to “age in place with dignity and grace,” the organization said in a statement.
El Verano is next door to IHO’s Rockwood Apartments, another multifamily complex that provides housing and support services for 48 formerly homeless families, as well as 15 permanent supportive housing units for Mental Health Services Act (MHSA) residents living with mental illness.
More deals in Vegas
Newport Beach-based CapRock Partners has bought 21 acres of land in 10 parcels for the development of three industrial buildings totaling 441,554 square feet in north Las Vegas.
CapRock bought the land for a Class A project that should break ground in early 2022. Its completion is expected by the end of that year.
The new project, named CapRock Tropical Logistics Phase II, is the second phase of the adjacent CapRock Tropical Logistics, a two-building 1.1 million-square-foot logistics complex that is nearly complete.
Together, the two projects will encompass 105 acres or 34 legal parcels. CapRock said the first phase is 100% pre-leased and should be ready in the fall.
Inland buy for Alere
Newport Beach-based Alere Property Group, a developer and investor of industrial real estate, has bought a 72,051-square-foot, single-tenant distribution warehouse in Rancho Cucamonga.
Terms of the transaction were not disclosed.
The building at 8700 White Oak Avenue is occupied by Bluestar Express Group, a third-party logistics user.
Nick Velasquez and Mike Hartell of Colliers International represented the seller and Alere in this transaction.
Bascom buys in Chicago area
The Bascom Group in Irvine and Spirit Investment Partners of Stamford, Conn., have bought a 221-unit apartment tower in Evanston, Ill., for $49 million or $222,217 per unit.
The building, called 415 Premier, is a 17-story high-rise built in 2008.
Dan Cohen of CBRE represented the seller. Peter Marino, also of CBRE, arranged the acquisition financing through Rialto Capital Management.
Buchanan Street buys in Texas
Buchanan Street Partners in Newport Beach has bought Village of Rowlett, a 249-unit apartment complex in Rowlett, Texas, a suburb of Dallas, from Catalyst Urban Development.
Terms were not disclosed by the firms.
The 3-year-old Village of Rowlett includes 16,000 square feet of retail space plus a mix of studios, one-bedroom, two-bedroom units, in addition to 27 two-bedroom townhomes. The property was 96% occupied at the time of sale, Buchanan Street said.
Amenities including a swimming pool and sun deck, camp-style fire pit, urban community garden and yoga/fitness center.
‘Listing Impossible’ team expands into OC
Aaron Kirman Group in Los Angeles is looking for more luxury sales in Orange County, naming former NFL cornerback turned real estate agent Morgan Trent as managing director for the new venture.
Aaron Kirman, founder and president of the firm and president of International Luxury Estates at Compass, is the host and agent that stars in “Listing Impossible” on CNBC. Season One included a listing in Dana Point that had toiled for three years before Kriman sold it for $9,995,000 in October 2018.
Trent, who started his real estate career in Orange County at The Related Companies in 2012, co-starred with Kirman on the CNBC show.
So far, there is no office space for the Orange County division. Trent, the firm said, will be focused on growing his team first.
On the move
Jim and Margaret Turco have joined the Mission Viejo office of Berkshire Hathaway HomeServices California Properties. The Turcos were among the founders of Surterre Properties, which has offices in Laguna Beach, Monarch Beach and Newport Beach.
Troy Dao has joined The Saywitz Co. in Newport Beach and will help the brokerage expand its business development group and its brokerage operations. He has a background in customer service and sales.
Milestones
Patty Arvielo, co-founder and president of Tustin-based New American Funding, has been named one of the Most Powerful Women in Mortgage by Mortgage Banker. This is the first time that Arvielo has been honored by the magazine. First American, with 179 locations and some 4,800 employees nationwide, said it wrote 170,000 loans for $43.4 billion in 2020.
Good works
Sea Pointe Construction, a residential design/build firm in Irvine, has donated new cabinetry and has partnered with Galleher to provide flooring to renovate a unit at Thomas House Family Shelter in Garden Grove.
This is the second unit Sea Pointe has renovated at Thomas House during the COVID-19 pandemic.
Thomas House has provided over 1,500 families with rent-free shelter with a goal of helping residents maintain permanent housing while monitoring and bettering their personal finances.
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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