The 24-unit Chapman Villa Apartments in Garden Grove has sold for $8.15 million or $339,500 per unit, according to Marcus & Millichap.
The 19,345-square-foot complex at 7692-7732 Chapman Ave. has two-bedroom units spread across four adjacent buildings.
Greg Bassirpou at M&M represented the seller and buyer, unidentified only as local limited liability companies.
“The property is located in a highly desirable area, next to a quiet residential tract, and the seller was able to maximize value with an extensive renovation of the exterior and interiors,” he said.
The buyer completed a 1031 exchange in acquiring the complex, a “turnkey property that provides good cash flow and good projected rent growth,” Bassirpou said.
Bascom buys Northridge complex for $52.5M
The Bascom Group in Irvine has acquired a two-property, 140-unit apartment complex in Northridge for $52.5 million or $375,000 per unit.
The properties, NMS Northridge and NMS Superior, are mostly two- and three-bedroom units. Each has a private, two-car garage or two spaces of structured parking, Bascom said.
Los Al med-complex snares long-term tenant
Apex Innovative Sciences, a clinical trial site operator, signed a 12.5-year lease for 30,962 square feet at Los Alamitos Medical Center.
Financial terms of the lease were not disclosed.
CBRE’s Sonya Dopp-Grech, Steven Lewallen and Ryan Dopp represented the landlord, Welltower, a real estate investment trust specializing in medical properties.
The three-story property at 3771 Katella Ave. sits within a medical campus that includes Tenet Healthcare, Coast Urological Medical Group and Retina Consultants.
Chipotle property sells for $8.2M
A Chipotle-anchored, multi-tenant retail pad at Foothill Ranch Towne Centre has sold for $8.2 million, according to Hanley Investment Group Real Estate Advisors.
The larger retail center is anchored by Walmart Supercenter and Target and also includes a 99 Cents Only, Hobby Lobby, JOANN, Michaels, Old Navy, PetSmart and Regal Cinemas.
Hanley Investment Group represented the seller, Thomas English Real Estate in Indianapolis, Indiana. The buyer was unidentified only as an investor from Glendale and was represented by Jack Nersesian at DAUM Commercial Real Estate Services.
The 6,873-square-foot building is at 26592 Towne Centre Drive on nearly 1 acre and also includes Firehouse Subs and Guidepost Montessori. The property was built in 2004 and renovated in 2020.
NB firm sheds Chino Hills centers for $19M
VantageOne Real Estate Investments in Newport Beach has sold two Chino Hills retail properties for a combined $19 million.
Chino Hills Grand Plaza, a 12,948-square-foot retail building at 3410 Grand Ave., sold for $11.42 million to an unidentified Burbank investor. The center’s tenants include First Citizens Bank, Pacific Dental Services, It’s Boba Time and Pick Up Stix.
Gateway Village, a two-tenant, 14,771-square-foot retail building at the nearby Sprouts-anchored shopping center, sold for $7.64 million to an unidentified Santa Clarita investor. The tenants are Dunn-Edwards and Sit ‘n Sleep.
Hanley Investment Group brokered the deals on behalf of VantageOne.
“Investor demand for well-located, multi-tenant retail properties has been at unprecedented levels in the second half of 2021,” said Bill Asher, an executive vice president at Hanley. “We generated many competitive and qualified offers on both Chino Hills Grand Plaza and Gateway Village, and secured two separate Southern California-based 1031 exchange buyers at 100% of the asking prices for both assets.”
Both the retail centers are across Grand Avenue from The Shoppes at Chino Hills, one of the busiest shopping hubs in the city.
CapRock expands to Texas
Newport Beach-based CapRock Partners has opened an office in Texas.
The Dallas-Fort Worth team will be led by CapRock’s co-founder and president, Jon Pharris. The company said it is looking for industrial real estate investment opportunities as well as land sites for large-scale logistics development throughout Texas.
Pharris maintains his current title and role at the industrial real estate investment and management firm.
“The Dallas/Fort Worth Metroplex is a vital North American logistics hub and CapRock is excited to officially establish a presence here,” said Pharris. “As we integrate into the DFW industrial real estate market, CapRock is looking to build a robust local team to execute on our development and investment strategies.”
Leadership changes at Faris Lee
Jeff Conover, Don MacLellan and Shaun Riley have been promoted to managing principals at Irvine-based Faris Lee Investments, a retail real estate advisory firm.
The promotions come as the company’s CEO Rick Chichester retires. He will remain with the firm until Jan. 31.
Conover, Don MacLellan and Shaun Riley, all long-time Faris executives, will focus on team collaboration, mentoring and developing talent with plans to implement a heavy recruitment initiative and hire brokers at all levels.
“As we emerge from the pandemic, this is a perfect junction for fresh leadership to take the helm to steer the firm,” said MacLellan.
Good works
Employees with Newport Beach-based KBS, a commercial property investment firm, recently participated in a volunteer event to build 18 bicycles for Crittenton Services for Children and Families in Fullerton. The behavioral health and child welfare nonprofit has serves the most vulnerable system-involved children, youth and their families.
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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