Applications are being accepted in a newly opened second round for a small collection of affordable homes in Brea.
The Flats at West Village include 20 “stacked” flats across from Central Park in northwest Brea. Prices begin around $320,000 and rise to $500,000, with all units reserved for income-approved buyers.
The builder and the city opted to postpone the buying process, which first launched in late January, and have since expanded the income requirements by roughly $4,000-$5,000 to widen the pool of applicants.
The project by Trumark Homes includes three one-bedroom units selling for $320,000, seven two-bedroom units selling for $420,000 and 10 three-bedroom units priced at $500,000. The condo-like homes are stacked on top of garages and first-floor units. More details are available at bit.ly/3qVpBuK.
Applicants must earn no more than $102,450 in 2021 for a two-person household and $128,050 for a family of four, according to the city’s website.
Eight floor plans range from 791 square feet to 1,624 square feet with all homes including walk-in closets, washer/dryer space, an outdoor deck and direct garage access.
Applications officially reopened July 12.
For more information, go to bit.ly/3hO4DMZ
Santa Ana campus sells for $43 million
A business park in Santa Ana has been sold to a Chinese holding company for nearly $43 million, according to Newmark Knight Frank.
The six-building office complex at 1920, 1924, 1928, 1932, 1936 and 1940 East Deere Ave., now called AD/6 and formerly Deere Alton Business Park, sold for $42.8 million. The 188,714-square-foot campus is 87% leased, Daum said.
The buyer was Henghou Investment Holding Inc., which is based in Zhejiang, China.
Newmark’s Kevin Shannon, Paul Jones, Sean Fulp, Mark Schuessler and Brandon White represented the seller, Preylock Holdings.
3 coffee shops to go, please
A Southern California investor has sold a Culver City property leased to Starbucks and bought two other Starbucks properties in different states, all part of a 1031 exchange managed by Hanley Investment Group Real Estate Advisors in Corona del Mar and Enduring Real Estate in San Diego.
The combined value of the sales was approximately $10 million, Hanley reps said.
The Culver City property lacked a drive-through, something the two newly built properties procured in Ocala, Fla., and Alexandria, La., did have.
In the last 24 months, Hanley Investment Group said it has sold or has in escrow 31 Starbucks properties across the U.S.
Industrial sale in Surf City
A 12,000-square-foot industrial building leased to collision repair operator Service King in Huntington Beach has sold for $3.65 million.
DAUM Commercial Real Estate Services represented the seller and found the buyer, both of whom were not identified.
The property at 18302 Gothard St. sits on just over a half-acre.
Birtcher breaks ground on mega-IE center
Newport Beach-based Birtcher Development has broken ground on Birtcher Oak Valley Commerce Center, a 125-acre industrial development in Calimesa in Riverside County.
The firm said it has its eyes on the Inland Empire’s hot industrial market with this center aimed at “big-box tenants with warehousing and distribution needs.”
Four Class-A industrial buildings in the complex will span nearly 2.2 million square feet. The project is near the I-10 freeway and close to Redlands, which also is home to distributors including Amazon and XPO Logistics.
“We are bullish on the growth in the Oak Valley I-10 corridor given its strategic location just beyond Redlands and deep untapped labor market,” said Brooke Birtcher Gustafson, managing director at Birtcher Development.
The seller, principals of Oak Valley Development Co., owned the property since 1997 and obtained entitlements for the project earlier this year.
QuadReal Property Group is a joint venture partner in the project.
On the move
Kristie Goshow is the new chief commercial officer at Irvine-based KSL Resorts. She assumes the position following the retirement of former KSL Resorts’ CCO Jeff Senior, who led the transformation of Orange County’s former St. Regis in Dana Point into the Monarch Beach Resort. Goshow has some 20 years of hospitality industry experience and was most recently chief marketing officer for Preferred Hotels & Resorts. There she was in charge of brand strategy, strategic partnerships, global merchandising and digital marketing.
Jim Madrid is the new office leader in the Newport Beach office for McCarthy Building Co.s’ Southern California region. He’s been tasked with managing the commercial business unit. With 37 years in the construction industry, the company said Madrid has made big contributions to some of McCarthy’s most successful projects. Previously, he ran offices for Kinetics and Southland.
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 email@example.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register